Volatile Wednesday as Sensex closes 382.90 points down after 900-point swing

In a day marred by volatile swings the BSE Sensex closed 382.90 points down at 34,779.58 on Wednesday while the Nifty 50 ended 131.70 points lower at 10,453.05. The indices reversed early gains to end over 1% lower dragged mainly by auto and finance stocks. offsetting gains in IT stocks.

The Sensex surged over 400 points in the early trade led by market heavyweights Infosys and Reliance Industries over earnings momentum. But the markets gave up all gains after shares of non-banking financial companies came under selling pressure, with Indiabulls Housing Finance falling over 14%.

Oil prices rose for a fourth day after industry data showed a surprise decline in US crude inventories.

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