The Indian share benchmarks snapped their second-day winning streak on Wednesday reflecting losses in global markets as oil prices hit their highest level in seven years, propelling concerns about rising inflation.

At close, The Sensex ended 555 points lower to close at 59,190 and the Nifty 50 index dropped 176 points to settle at 17,646. At the intraday low level,  the BSE Sensex plummeted over 850 points from the day's highest level and the Nifty 50 index slipped below 17,650 after hitting an intraday high of 17,884.60. Selling pressure was broad-based as all the 15 sector gauges compiled by the NSE ended lower led by the Nifty Metal index's nearly 3 per cent fall. Mid- and small-cap shares SEEN selling pressure as Nifty Midcap 100 index slipped 0.8 per cent and the Nifty Smallcap 100 index tumbled 0.9 per cent. Nifty Auto, Information Technology, Pharma, PSU Bank, Realty and Consumer Durable indices also fell 1-2 per cent.

Hindalco was the top Nifty loser, the stock fell 4 per cent to close at Rs 475. SBI Life, IndusInd Bank, Tata Steel, JSW Steel, Coal India, Adani Ports, Tata Motors, Bajaj Auto, Shree Cements, HCL Technologies, Cipla and Reliance Industries also fell between 2 to 3.5 per cent.

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