Mumbai | Equity benchmark indices Sensex and Nifty declined on Wednesday after two days of gains, tracking heavy selling pressure in index majors Tata Motors and Reliance Industries amid weak trends in Asian markets.

In a volatile trade, the 30-share BSE Sensex dropped 398.13 points or 0.49 per cent to settle at 81,523.16. During the day, it tanked 498.15 points or 0.60 per cent to 81,423.14.

The NSE Nifty declined 122.65 points or 0.49 per cent to 24,918.45.

Among the 30 Sensex firms, Tata Motors was the biggest loser, tumbling nearly 6 per cent, followed by NTPC, Adani Ports, Larsen & Toubro, State Bank of India, JSW Steel, Mahindra & Mahindra, IndusInd Bank and Titan.

In contrast, Asian Paints, Bajaj Finance, Hindustan Unilever and Bajaj Finserv were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.

European markets were trading mostly in the green. The US markets ended mostly with gains on Tuesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,208.23 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude climbed 1.49 per cent to USD 70.22 a barrel.

On Tuesday, the BSE benchmark climbed 361.75 points or 0.44 per cent to settle at 81,921.29. The NSE Nifty surged 104.70 points or 0.42 per cent to 25,041.10.