The BSE benchmark Sensex on Wednesday tumbled over 480 points in opening trade and fell below the 60,000-level, dragged down by banking and financial stocks, amid weak global trends.

The 30-share BSE barometer was trading 481.86 points lower at 59,694.64 in opening trade. Similarly, the broader NSE Nifty declined 138.25 points to 17,819.15.

From the 30-share pack, HDFC Bank, HDFC, Kotak Mahindra Bank, Wipro, M&M, Axis Bank and Kotak Mahindra Bank were the major laggards in early trade.

In contrast, NTPC, Tata Steel, Larsen & Toubro and UltraTech Cement were among the gainers.

On Tuesday, the BSE Sensex slumped 435.24 points or 0.72 per cent to finish at 60,176.50. Similarly, the NSE Nifty tumbled 96 points or 0.53 per cent to 17,957.40.

Meanwhile, international oil benchmark Brent crude gained 0.22 per cent to USD 106.75 per barrel.

Elsewhere in Asian markets, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading lower.

Indices in the US also ended on a lower note on Tuesday.

"Investors continue to closely observe the developments of the Russia-Ukraine crisis as the western countries prepare to expand sanctions," according to Mitul Shah, Head of Research at Reliance Securities.

Foreign portfolio investors bought shares worth Rs 374.89 crore on Tuesday, according to stock exchange data.