India's benchmark Nifty 50 threatened to end in correction territory on Wednesday amid a market slide as a spike in inflation dampened hopes of a rate cut next month, adding to concerns over dull earnings and sustained foreign outflows.

The Indian Rupee kept its slide against the US Dollar intact on Wednesday morning trading above 84.40 levels, as Sensex and Nifty traded in the red. The Rupee hit a new record low of 84.42 on Tuesday.

The BSE Sensex was trading at 78,295.70, down 379.48 points, or 0.48 per cent. Smallcap and midcap indices fell 1.77 per cent and 1.41 per cent, respectively.

Benchmark stock market indices opened flat on Wednesday after witnessing a major decline in the previous trading session which led to investors losing Rs 5.76 lakh in wealth. The S&P BSE Sensex was down 76.

At the opening bell, the BSE Sensex was down 167 points, or 0.21 per cent, at 78,507.87, while the Nifty 50 was at 23,820, down 62 points, or 0.26 per cent. Among the 30 constituent stocks in the BSE Sensex,

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After opening in green, the S P BSE Sensex reversed course, dragged down by banking, financial services, and auto stocks. The Nifty50, too, faced a broad-based decline, with nearly all sectoral indices closing in the red except for Nifty Realty.

Sun Pharma, Trent, HCL Tech, Infosys, and ONGC were among the top gainers on the Nifty index. Britannia Industries, HDFC Bank, NTPC, and Tata Motors were among the top losers.

At close, the Sensex was down 820.97 points or 1.03 percent at 78,675.18, and the Nifty was down 257.80 points or 1.07 percent at 23,883.50. About 1155 shares advanced, 2641 shares declined, and 93 shares unchanged.

Bank stocks HDFC Bank and State Bank of India contributed most to the Sensex fall. NTPC, Tata Motors and Bajaj Finance also contributed to the decline.