Equity benchmark Sensex plunged 555 points on Wednesday following losses in index majors Reliance Industries, Infosys and ICICI Bank amid a selloff in global markets.

The 30-share BSE index ended 555.15 points or 0.93 per cent lower at 59,189.73. Similarly, the broader NSE Nifty tumbled 176.30 points or 0.99 per cent to 17,646.

IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by Tata Steel, Bajaj Auto, HCL Tech, Sun Pharma and Tech Mahindra.

On the other hand, HDFC twins and Bajaj Finance were the gainers.

"Weak global markets which resulted in profit booking in metals and IT stocks led domestic indices to trade in red, trimming its early gains," said Vinod Nair, Head of Research at Geojit Financial Services.

Spike in crude prices is spooking the Indian market while inflation is affecting US bond yields, he noted.

Further, RBI has commenced its three-day MPC meeting in which the central bank is expected to keep rates unchanged. However, it is likely to announce measures to gradually pump out liquidity from the economy, Nair said.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended with significant losses. Shanghai was closed for holidays.

Equities in Europe were also trading with heavy losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude surged 1.14 per cent to USD 82.19 per barrel.