Sensex declines 304 points, Nifty ends at 17,245

International oil benchmark Brent crude jumped 2.12% to $117.8 per barrel.

Paring its early gains, benchmark BSE Sensex fell by 304 points on Wednesday as investors booked profit after recent gains amid concerns over inflation and supply constraints.

Despite a firm start, the 30-share BSE barometer declined by 304.48 points or 0.53% to settle at 57,684.82. During the day, it tanked 420.71 points or 0.72% to 57,568.59.

The broader NSE Nifty dipped 69.85 points or 0.4% to finish at 17,245.65.

Among Sensex stocks, HDFC fell the most by 2.36%. Kotak Mahindra Bank, HDFC Bank, Bharti Airtel, Sun Pharma, Maruti Suzuki India, Mahindra & Mahindra and Asian Paints also declined.

In contrast, Dr Reddy's Laboratories, Tata Steel, ITC and Power Grid were the prominent gainers.

"After the recent rally, market is getting cautious. Volatility is back due to inflationary pressures triggered by supply constraints. While consistently rising input cost & fall in demand due to surge in Covid cases in parts of the world, war & high commodity prices are impacting earnings growth which can lead to downgrade in outlook," said Vinod Nair, Head of Research at Geojit Financial Services.