NEW DELHI: Equity benchmarks Nifty50 and Sensex extended their losses for a sixth consecutive session on sustained selling in bank, financial and pharma stocks amid weak global cues over lingering fears of a trade war.

The trade war concerns escalated on reports that the US President Donald Trump's economic advisor and a prominent voice in favor of free trade, Gary Cohn resigned on Tuesday.

The BSE Sensex closed 284 points, or 0.85 per cent, down at 33,033, hitting its three-month low figure, while the Nifty50 index settled 95 points, or 0.93 per cent, down at 10,154.

In the Nifty50 pack, 14 stocks managed to close the day in the green, while 36 in the red.

BSE Midcap and Smallcap indices underperformed benchmark Sensex to close the day 1.32 per cent and 2.16 per cent down, respectively, on Wednesday.

Bank stocks, including State Bank of India and ICICI Bank figured among the top losers of the day. Shares of ICICI Bank declined after senior officials of the bank were summoned by the Serious Fraud Investigation Office (SFIO) on Tuesday as part of the probe into the Rs 12,700-crore Nirav Modi case.

Adani Ports, Indiabulls Housing Finance, Bharti Airtel, Ambuja Cements, Hindustan Petroleum Corporation and Reliance Industries too appeared among the losers of the day.

On the other hand, HCL Technologies, ITC, Zee Entertainment Enterprises, Maruti Suzuki India, Asian Paints, Kotak Mahindra Bank and Tata Motors settled among the gainers in the Nifty pack of stocks.

Barring Nifty FMCG, all other sectoral indices closed the day in the red. ITC, United Spirits, Emami and Britannia Industries contributed their share to the rally in Nifty FMCG index.

Nifty PSU Bank index closed the day nearly 4 per cent down. All stocks in the index closed in the red, with Andhra Bank plunging 7 per cent. Canara Bank, Allahabad Bank and State Bank of India dropped 6.55 per cent, 5.23 per cent and 3.84 per cent, respectively, on NSE on Wednesday.

As many as 198 stocks hit fresh 52-week lows on NSE, compared with 12 stocks that hit fresh 52-week highs.

Globally, European shares declined while major Asian markets, including Nikkei and Hang Seng closed the day 0.77 and 1.03 per cent down, respectively.