Indian benchmark equity indices, the Sensex and Nifty, ended in the red on Wednesday due to weak global markets, with banks and financials being the biggest decliners. Despite experiencing a robust recovery recently, the negative signals from global peers such as weak factory activity data from China and concerns over a recession and potential interest rate hikes in western markets are impacting the domestic market. Moreover, profit booking was prevalent in bank and financial services stocks after four days of consecutive rallies. MSCI’s rebalancing also affected the market, with Adani Transmission and Adani Total Gas seeing a decline.