Stock Market:  Equity benchmark indices Sensex and Nifty fell on Wednesday after two days of gains following heavy selling pressure from index majors Tata Motors and Reliance Industries amid weak trends in Asian markets.

The 30-share BSE Sensex fell 398.13 points, or 0.49 percent, to 81,523.16 in volatile trading. At the end of the day, it had tanked 498.15 points, or 0.60 percent, to 81,423.14. The NSE Nifty fell 122.65 points, or 0.49 percent, to 24,918.45.

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Tata Motors was the biggest loser among the 30 Sensex firms, down nearly 6 percent, followed by NTPC, Larsen & Toubro, Adani Ports, JSW Steel,  State Bank of India, Titan, and Mahindra & Mahindra, IndusInd Bank.

On the other hand, Asian Paints, Hindustan Unilever, Bajaj Finance, and Bajaj Finserv were among the gainers. Tokyo, Shanghai, Seoul, and Hong Kong were traded lower among Asian markets. European markets were mostly in green. The U.S. markets ended mostly with gains on Tuesday.

According to exchange data, foreign institutional investors bought equities worth Rs 2,208.23 crore on Tuesday. Brent crude, the global benchmark, rose 1.49 percent to $70.22 a barrel.

The benchmark BSE rose 361.75 points, or 0.44 percent, to 81,921.29 on Tuesday. The NSE Nifty rose 104.70 points or 0.42 percent to 25,041.10.

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(With PTI's Input)