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"Results and macroeconomic cues are very key triggers for the market as it consolidates following a sharp pullback," said Mayuresh Joshi, head of equity research at William O'Neil & Co in India.
The 30-stock index tanked 1,569 points intraday to 52,734 against the previous close of 54,303. Nifty fell up to 452 points to 15,749 against Friday's close of 16,201.
Following the announcement, the market capitalisation of BSE-listed tanked to Rs 259 lakh crore in the afternoon trade on Wednesday against Rs 265.88 lakh crore on May 2.