Sensex falls 117 pts, bank stocks weigh

Indian market on Wednesday fell for a fourth day, amid correction in banking stocks. The benchmark BSE Sensex fell 117 points, or four per cent, to 28,883, lowest level since January 20. The National Stock Exchange's Nifty fell 32.85 points, or 0.38 per cent, to 8,723.7. The Sensex has come off about 800 points from its all-time high of 29,681.77 in the last four trading sessions.

Shares of Axis Bank fell 4.6 per cent and State Bank of India declined 2.3 per cent. Most banks have reported an increase in bad loans in the third-quarter results, which has disappointed the Street. Bank stocks account for over a third of the weights in the benchmark indices.