Nifty snapped the winning streak on Wednesday, shedding more than 300 points. At close, the Sensex was down 930.88 points, or 1.30 percent, at 70,506.31, and the Nifty was down 302.90 points, or 1.41 percent, at 21,150.20.

The market made a gap opening to climb record highs in the early trade, with Sensex hitting 71,913.07 and the Nifty reaching 21593. However, mid-session witnessed a sudden drop, with indices reaching the day”s lowest levels.

Experts attribute the crash to profit booking, and according to them, the correction is “long overdue. “The selloff has been warranted. We can see Nifty testing the 21,000 levels on the downside in the next couple of days,” said Vinit Bolinjkar, Head of Research at Ventura Securities, as reported by Money Control.

According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, after a significant rally, profit booking is “very normal.”. Adani Ports, Adani Enterprises, UPL, Tata Steel, and Coal India are the biggest losers today, while the gainers include ONGC, Tata Consumer Products, Britannia Industries, and HDFC Bank.

All the sectoral indices ended in the red. Auto, capital goods, metal, pharma, oil & gas, power, and realty were down 2-4 percent.

BSE midcap and small cap indices declined more than 3 percent each after hitting fresh highs of 36,483.16 and 42,648.86, respectively.