Insight Bureau: 30-share BSE Sensex tanked 1,307 or 2.29 per cent to close at 55,669, while the broader NSE Nifty moved 392 points or 2.29 per cent down to settle at 16,678.

Mid- and small-cap shares were weak as Nifty Midcap 100 fell 2.12 per cent and small-cap shed 2.35 per cent.

On the stock-specific front, Apollo Hospitals was the top loser as the stock cracked 6.59 per cent to ₹ 4,021. Adani Ports, Hindalco, Titan and Bajaj Finance were also among the losers.

On the 30-share BSE index, Bajaj Finserv, Bajaj Finance, Titan, IndusInd Bank, HDFC Bank, Reliance Industries, Asian Paints, Maruti, Dr Reddy’s and Axis Bank were among the top laggards.

In contrast, PowerGrid, NTPC, and Kotak Mahindra Bank were trading in the green.

Notably, Indian equity benchmarks on Wednesday plunged sharply after Reserve Bank of India (RBI) announced a hike in key interest rate.