Equity benchmarks Sensex and Nifty remained lower for the third consecutive session on Wednesday as investors offloaded utility stocks, capital goods and metals amid foreign fund outflows.

The 30-share BSE benchmark Sensex fell 502.25 points, or 0.62 percent, to settle at 80,182.20, taking its downward trend to the third day . During the day, it fell 634.38 points or 0.78 percent to 80,050.07.

The NSE Nifty fell 137.15 points or 0.56 percent to 24,198.85.

“Short-term market construction has become weak with FIIs rotating sellers in rallies. Yesterday’s massive FII sales figure of Rs 6,410 crore in the spot market indicates that more selling is in store in the event of market rebounds.

“Today, global markets will focus on the Fed’s decision expected this evening. The market expects a rate cut of 25 basis points. Therefore, attention will be focused on the Fed’s comment,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. said.

Among the pack of 30 blue-chip stocks, Tata Motors, Power Grid, NTPC, Adani Ports, JSW Steel, ICICI Bank, Larsen & Toubro and Bajaj Finance were the major laggards.

On the other hand, Tata Consultancy Services, Reliance Industries, Tech Mahindra and HCL Technologies were the winners.

Foreign institutional investors (FIIs) dumped shares worth Rs 6,409.86 crore on Tuesday, according to stock exchange data.

In Asian markets, Seoul, Shanghai and Hong Kong finished higher, while Tokyo finished lower.

European markets were trading in positive territory during mid-session trading. Wall Street ended lower on Tuesday.

Global benchmark Brent crude rose 0.48 percent to $73.67 a barrel.

Declining for the second consecutive day, the benchmark BSE index lost 1,064.12 points, or 1.30 per cent, to settle at 80,684.45 on Tuesday. The Nifty fell 332.25 points or 1.35 percent to 24,336.