The BSE benchmark Sensex crashed 938 points to slip below the 47,500 mark and the NSE Nifty plunged below the psychological 14,000 level due to rampant selling across counters.

Marking its fourth straight session of loss, the Sensex tumbled 937.66 points or 1.94 per cent to settle at 47,409.93 taking the aggregate four-session loss to 2,382.19 points or 4.78 per cent.

Intraday, the BSE gauge swung 1,117.65 points.

Likewise, the NSE Nifty plunged 271.40 points or 1.91 per cent to close the session at 13,967.50. Over the last four sessions, the 50-share index has lost 677.20 points or 4.62 per cent.

On the Sensex chart, Axis Bank, Titan, IndusInd Bank, HDFC Bank, Dr Reddy's, HDFC and Asian Paint were major losers.

Of the Sensex constituents, 24 shares closed in the red and 6 in the green.

Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and futures and options (F&O) expiry.

Foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed.

Indian equity markets were closed on Tuesday for the Republic Day.

Elsewhere in Asia on Wednesday, stocks ended mixed as investors turned cautious after Wall Street slipped from record levels.

Meanwhile, Brent crude, the global oil benchmark, was trading higher by 0.41 per cent at 55.87 per barrel.

On the forex market front, the rupee ended 2 paise higher at 72.92 against the US dollar.