Shedding Wednesday's gain, equity benchmark Sensex on Thursday fell over 242 points, as banking and PSU stocks led the fall in the market. 

After touching a low of 31,362.87, the 30-share index settled 242.37 points or 0.76% lower at 31,443.38. The broader NSE Nifty slipped 71.85 points, or 0.78%, to close at 9,199.05.

In the Sensex pack, ONGC was the top loser with 4.54% fall, followed by NTPC, Kotak Bank, Bharti Airtel, Titan, Bajaj Auto and PowerGrid.

Indusind Bank was the top gainer with a 6.58% rise. M&M, Reliance Industries, Axis Bank and Tech Mahindra were the other gainers.

On the NSE, Bharti Infratel led the gains with 7.15%. Indusind Bank, Adani Ports, JSW Steel, M&M and Reliance were other top gainers. NTPC, BPCL and ONGC were the biggest losers of the day with all three shedding over 3%. 

Kotak Bank, Gail, Bharti Airtel and Bajaj Auto were other top losers.

In the previous session, the Sensex closed 232.24 points or 0.74% higher at 31,685.75 while the broader Nifty rose 65.30 points, or 0.71%, to end at 9,270.90.

This comes as uncertainty over the opening of business activities in the country continues as COVID-19 cases peaked 50,000. According to the Union Health Ministry, the number of coronavirus cases in India climbed to 52,952, while the death toll rose to 1,783. 

The number of COVID-19 cases globally has crossed 37.5 lakh and the death toll has topped 2.63 lakh.