Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday on profit booking in financial and IT stocks after a recent rally.

The 30-share BSE Sensex tumbled 537.22 points or 0.94 per cent to end at 56,819.39. During the day, it tanked 772.57 points or 1.34 per cent to 56,584.04.

The NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40.

From the 30-share Sensex pack, Bajaj Finance, Bajaj Finserv, ICICI Bank, Titan, Dr Reddy's, Wipro, State Bank of India, Infosys, Maruti and UltraTech Cement emerged as the major laggards.

In contrast, Tata Steel, Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank, Reliance Industries and HDFC Bank were the gainers.

Asian markets were mixed, with Tokyo and Seoul settling over 1 per cent lower, while Hong Kong and Shanghai ended higher.

Markets in Europe were trading in the green in the afternoon session.

Stocks in the US had ended significantly lower on Tuesday.

The Sensex jumped 776.72 points or 1.37 per cent to end at 57,356.61 on Tuesday. The Nifty rallied 246.85 points or 1.46 per cent to 17,200.80.

Meanwhile, international oil benchmark Brent crude gained 0.89 per cent to USD 105.81 per barrel.

Foreign institutional investors continued their selling spree, offloading shares worth Rs 1,174.05 crore on Tuesday, according to stock exchange data.