Here's how the day was at the Markets

The Nifty closed at a fresh 1-year low on Wednesday as relentless selling completed its fourth day on the back of extremely weak overseas cues from across the world. Banks remained on the chopping block.

Gains in the FMCG and software sector point to the extreme defensive nature of demand in the market.

The Nifty closed 69 points lower at 7,717, dipping briefly below the 7,700-point mark in late trade. The Advance-Decline Ratio was 14/36. BHEL, ONGC, State Bank of India and Cairn were the top losers on the Index while Tech Mahindra, Idea, TCS, UltraTech and Tata Steel posted gains.

HDFC was the most traded counter on the NSE, with 692 crore rupees worth of shares traded. Infosys and State Bank of India were also in heavy demand.

Wider benchmarks, too, lost substantial ground. The CNX 100, CNX 200, CNX 500, CNX Mid Cap and CNX Small Cap Indices were down 0.4-1.0 percent on the National Stock Exchange.

The mood was equally bearish in the sectors specific market with the Bank Nifty sliding 277 points, or 1.7 percent, to 16,252 points. CNX PSU Bank Index plunged 3.2 percent to 2,961 points. CNX Finance Index shed 1.9 percent. The Auto, Energy and Metals Indices too dropped in trade. The only gainers in this space were the software and FMCG Indices.