Erasing Tuesday&’s gains, Indian equity markets nosedived in the second hour of trade on Wednesday amid weak Asian peers and further declines in the crude oil prices.

At 10:45 am, the Sensex at the Bombay Stocks Exchange (BSE) was trading 390 points down at 24090 while the Nifty at the National Stock Exchange (NSE) was trading 121 points lower at 7314.

Broader markets were trading in line with the benchmark indices. BSE MidCap and SmallCap indices slumped around 1.8 per cent each.

Despite strong selling pressure in the equity markets, Asian Paints rose 0.2 per cent to become the top gainer in the Sensex-30 pack. Adani Ports posted the biggest slump with a dip of 5.1 per cent.

On the currency front, the Rupee was trading 29 paise down at 67.94 against the US Dollar.