New Delhi - India's benchmark Sensex pared gains from early trading Wednesday to close down nearly 2 per cent on the day.

The 30-share sensitive index, which dipped 3.8 per cent on Tuesday, ended trading 8,773.78 points, a loss of 163.42 points or 1.83 per cent.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also lost 1.79 per cent Wednesday.

Indian equities have lost over 56 per cent of their value since January.

Stock analysts said recession-related events in the United States, Europe and Japan have triggered a sell-off by foreign funds over the months. (dpa)