The Indian benchmark indices declined sharply on Wednesday as the Sensex fell 1,122.66 points to settle at 79,116.19 and the Nifty declined over 385 points to close trade at 24,480.50 at 3:30 PM.

Previously, during the early morning session, the Sensex plunged 1,773 points, or 2.21 per cent, to close at 78,465, while the Nifty declined 549 points, also down 2.21 per cent, to settle at 24,316.