Sensex skids 422 points to close at 38,071

Equity indices finished lower on Wednesday with the benchmark BSE sensex falling over 400 points dragged by auto and IT stocks. The 30-share BSE index fell 422 points or 1.10 per cent lower to finish at 38,071. While the broader NSE Nifty settled 98 points or 0.86 per cent lower at 11,203. Reliance, M&M, HCL Tech, Nestle India, HDFC Bank, Maruti and TCS fell 3.75%.