IndusInd Bank, NTPC, Bajaj Finance, Sun Pharma and HUL closed with cuts, on the other hand, HCL Tech, Power Grid, Titan, and Reliance Industries closed with gains.

Sensex fell 307 points and closed at 65,688 while Nifty ended at 19,543

From the Sensex pack, JSW Steel, Tata Motors, and M&M were the top gainers, rising 2-3%. Tata Steel, Titan, ITC, Tech Mahindra, and NTPC also ended higher. On the flip side, Bajaj Finance, Maruti, ICICI Bank, Asian Paints, and Axis Bank closed in the red.

Hero MotoCorp shares closed 4% higher after the two-wheeler maker received more than 25,000 bookings for Harley Davidson X440.

M&M and Sun Pharma were the top gainers, rising 4.2% and 2%, respectively. Bajaj Finserv, TCS, Infosys, HUL, JSW Steel, Wipro, and Maruti also closed higher. On the other hand, SBI, Tata Motors, Axis Bank, Bajaj Finance and Kotak Bank ended lower.

IndusInd Bank, Tech Mahindra, Wipro and Airtel were the top gainers, rising 2-3%. HCL Tech, Axis Bank, HDFC Bank, and Reliance Industries ended in the green zone. SBI closed 3% lower post Q1 results. NTPC, Maruti, Bajaj Finserv, and Power Grid ended in the red zone.

Sun Pharma, Reliance, Kotak Bank, JSW Steel, Infy, NTPC, and Power Grid ended in the green while ITC, Tata Motors, Titan, Bajaj Finserv, and Icici Bank ended in the red.

Fitch downgraded US of its top-tier sovereign credit grade from AAA to AA+ which led to Sensex falling 1000 pts + intraday

The biggest loser was Power Grid- the share fell over 5% after the firm reported a decline in consolidated net profit in Q1.

Indices were dragged by banking, financials and IT stocks after strong economic data from the US reignited rate concerns