Benchmark indices continued their decline on Wednesday, with the Nifty index closing at a three-week low due to underperformance in financial stocks, particularly HDFC Bank and ICICI Bank.

Nifty closed at 24,198.85, down 137.15 points (0.56%), while Sensex ended at 80,182.20, down 502.25 points (0.62%).

The financial sector, led by HDFC Bank and ICICI Bank, was the main drag, with HDFC Bank falling 1.7% and ICICI Bank down 1.4%.

The Nifty Bank index dropped 1.32%, closing 695.25 points lower at 52,139.55. The Nifty Midcap 100 index also fell by 0.64%, closing at 58,723.25.

Tata Motors was the top loser on Nifty, falling 3%. NMDC saw a sharp 6% decline due to reports of a potential rise in iron ore export duties.

Pharmaceutical stocks, including Dr. Reddy’s Laboratories, Cipla, and Aurobindo Pharma, saw strong gains. ITC shares rose 1.3% after announcing a demerger plan.

Newly listed stocks MobiKwik, Vishal Mega Mart, and Sai Life Sciences saw significant gains, with MobiKwik up 39%, Vishal Mega Mart rising 59%, and Sai Life Sciences surging 90%.

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