BSE Sensex was down 66.51 points at 27984.37 and NSE Nifty was down 18.80 points at 8659.10.
ITC, ICICI Bank and HDFC were some of the key stocks that saw heavy profit booking.
Some of the other stocks that declined were Hero MotoCorp, Tata Motors, Eicher Motors, Maruti Suzuki, Hindustan Unilever, Zee Entertainment, Aurobindo Pharma, State Bank of India and TCS.
Key gainers on Wednesday included BHEL, Tata Power, Wipro, Lupin, GAIL India, Adani Ports, Power Grid, ONGC and NTPC.
The market is eagerly awaiting the final outcome of the three-day meeting of the Goods and Services Tax (GST) Council, which is being led by the Union Finance Minister Arun Jaitley and began on Tuesday.
Image: Wikimedia Commons
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