Bombay Stock Exchange building
BSE benchmark index Sensex is likely to open on a weak note on Monday.Picture: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, July 15, 2015Reuters file

Indian benchmark indices extended losses for the second day on Wednesday, tracking weak global cues and selling pressure ahead of the twin budgets to be presented within a span of five days, starting from Feb. 25.

The S&P BSE Sensex dropped 321 points, or 1.37 percent, to close at 23,089, while the NSE Nifty shed 90 points, or 1.28 percent, to settle at 7,019.

The selling was seen across almost all sectors on the bourses.

Top Sensex losers were BHEL, NTPC, Tata Motors, HDFC Bank, ICICI Bank and ITC, while Bharti Airtel, Mahindra & Mahindra, Asian Paints and Hindustan Unilever registered modest gains.

NMDC was the biggest loser on the BSE, ending the day at Rs 80.50, down 13.63 percent.

ITC, HDFC, ICICI Bank, BHEL and Cipla hit new 52-week lows on the BSE. 

Kalindee Rail Nirman, Texmaco Rail Engineering and Titagarh Wagons extended their losses on Wednesday ahead of Rail Budget that will be presented on Thursday. The stocks had witnessed steep fall on Tuesday.

Top Nifty losers on Wednesday included BHEL, NTPC and Tata Motors, while BPCL, Bank of Baroda and Powergrid Corporation gained.

Asian markets closed with losses on Wednesday. The Straits Times declined 2 percent, while the Hang Seng dropped 1.2 percent and the Nikkei was down 0.9 percent. China's Shanghai Composite gained modestly at 0.9 percent. 

Gold reversed its three-day losing streak on Wednesday and closed at Rs 29,100 per 10 gm, with a gain of Rs 190, while silver traded with a loss of Rs 150 at Rs 37,100 per kg.

Gold exchange traded funds (ETFs) saw a mixed trend on the NSE. While the net asset values of most of the funds gained, some of them declined.