Sensex and Nifty, the Indian equity benchmark indices declined almost a percent Wednesday tracking negative cues from global markets, despite making a positive opening.

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The 30-scrip Sensex closed at 555 points lower at 59,189, and the Nifty50 index plunged 176 points to end at 17,646. The broader markets also slipped as both mid-caps and small-caps slumped nearly 1 percent.

Among the 50 stocks on Nifty, ONGC, Tata Consumer, UPL, Britannia, HDFC Bank led the gains, as each scrip rose over 1-3 percent higher. Leading the losses were Hindalco, SBI Life, Tata Steel, IndusInd Bank, and JSW Steel.

Among sectors on NSE, by the time market closed, all the sectors turned red. Nifty Metal was down nearly 3 percent. Nifty Pharma, PSU Bank, Healthcare indices were down nearly 2 percent. Nifty Auto, IT, and Consumer Durables slipped over 1 percent. Financial and media stocks slid half a percent lower.

Globally, stocks fell from Europe to Asia and government bond yields rose, as oil prices peaked to their highest level in seven years. The rally has fuelled the concerns of rising inflation.

The European stocks fell nearly 2 percent, denting gains it made Tuesday. Germany was leading losses at 1.6 percent. The negative mood is set to hit Wall Street, where US futures are already nearly a percent lower.

Oil prices weighed on investors as US crude rose half a percent to $79.22 a barrel. Brent crude also climbed half a percent to $82.87, close to a three-year top hit in the previous session.

The MSCI world equity index, which tracks shares in 50 countries, fell 0.4 percent. And MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent.

The dollar edged higher against a basket of other major currencies, supported by rising yields, and was heading back towards a one-year high hit last month. The Indian rupee was trading at nearly two-month lows against the US dollar at 74.75.

With inputs from Reuters

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(Edited by : Yashi Gupta)