Stocks fell under selling pressure on Wednesday, snapping a two-day winning streak, as Wall Street awaited the release of minutes from the latest Federal Reserve meeting.

During the session, the BSE Sensex relinquished the 61,000 level and slipped 700 points to an intraday low of 60,594 before closing 637 points (down 1%) at 60,657.

The NSE Nifty shed 190 points (down 1%) to close at 18,043. It fell 213 points throughout the day and hit a low of 18,021 points.

Among index constituents, Tata Motors, Power Grids, Tata Steel, HDFC twins, Infosys, Wipro, Reliance, IndusInd Bank, ITC, Nestle and Bharti Airtel were the worst hit on the Sensex, down 1-2.5%. In the Nifty index, JSW Steel, Hindalco, Coal India and ONGC were the worst performers, down as much as 4%.

TCS, Maruti, Divis’s Labs, HDFC Life and Dr Reddy’s were the few stocks that posted modest gains. Losses also spread across the market. The BSE midcap and smallcap indexes fell 1% and 0.8%, respectively.

By sector, all sectors closed lower, led by Nifty Realty, Metal and PSB indices, which fell 2% each. The pharmaceutical index edged down 0.15%.

As of 3:40 pm, Sah Polymers’ initial public offering (IPO) had 16 subscriptions on the last day of subscriptions, with 36 from retail investors and 32 from the NII sector.