The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 23,620 level, a discount of nearly 38 points from the Nifty futures’ previous close.

On the 30-share Sensex platform, NTPC, Tata Motors and Infosys dominated in green. On the other side, Tata Steel, M&M, Adani Ports, SBI and JSW Steel emerged among the losers for the day

The NSE Nifty 50 fell 1.1 per cent to a session-low of 23,616.40 points, which is 10 per cent below the record high it hit on September 27. If it ends the day at that level, it will signal a technical correction.

India's benchmark Nifty 50 threatened to end in correction territory on Wednesday amid a market slide as a spike in inflation dampened hopes of a rate cut next month, adding to concerns over dull earnings and sustained foreign outflows.

India stocks were lower after the close on Tuesday, as losses in the Power, Public Sector Undertakings and Capital Goods sectors led shares lower. At the close in NSE, the Nifty 50 lost 1.23% to hit a new 3-months low,