Equity benchmark Sensex dropped over 400 points in opening trade on Wednesday tracking losses in index heavyweights HDFC Bank, Reliance Industries and ICICI Bank amid weak cues from global markets.

After hitting a low of 29,602.94, the 30-share BSE barometer pared most losses to trade 14.98 points or 0.05 per cent lower at 30,052.23.

Similarly, the NSE Nifty was quoting 9.50 points, or 0.11 per cent, down at 8,782.70.

Axis Bank was the top loser in the Sensex pack, falling up to 3 per cent, followed by Reliance Industries, TCS, ITC and IndusInd Bank.

On the other hand, Sun Pharma, HUL, M&M and HDFC rallied up to 5 per cent.

In the previous session, the BSE barometer surged 2,476.26 points or 8.97 per cent to settle the day at 30,067.21; while the NSE barometer Nifty zoomed 708.40 points or 8.76 per cent to close at 8,792.20 -- the best session ever for both indices in absolute terms and the biggest since May 2009 percentage-wise.

Foreign institutional investors (FIIs) turned net buyers in the capital market, as they bought equity shares worth Rs 741.77 crore on Tuesday, according to provisional exchange data.

Indian markets, in sync with global benchmarks, turned negative as worries over the economic impact of the pandemic continued to weigh on investor sentiment.

According to Vinod Nair, Head of Research at Geojit Financial Services, investors are awaiting an ease in lockdown procedures, so companies can get down to generating business. In a holiday shortened week, any news regarding peaking infections will be bought into.

Bourses in Shanghai, Hong Kong, and Seoul were in the red, while those in Tokyo were trading on a positive note.

Benchmark exchanges on Wall Street ended lower in overnight trade.

Brent crude futures, the global oil benchmark, rose 2.26 per cent to USD 32.59 per barrel.

The number of confirmed COVID-19 cases in India has crossed 5,000.

Global tally of the infections has crossed 14 lakh, with over 82,000 deaths.