Equity markets witnessed a wave of selling in IT and FMCG stocks on Wednesday with key indices being dragged down by heavyweight Reliance Industries. The BSE SandP Sensex closed 264 points or 0.54 per cent lower at 48,174 while the Nifty 50 slipped up by 53 points or 0.38 per cent to 14,146. Sectoral indices at the National Stock Exchange were mixed with Nifty IT down by 1.3 per cent and FMCG by 1.1 per cent. Nifty metal, however, rose by 1.3 per cent. Among stocks, Reliance Industries lost by 2.6 per cent to Rs 1,914.95 per share. FMCG majors ITC and Hindustan Unilever retreated by 2.9 per cent and 1.4 per cent respectively.