Global sentiment also took a hit on concerns of a debt default in the United States, with the focus shifting towards the Federal Reserve's meeting later in the day, where another 25 basis rate hike is likely to be on the cards. Australia's financial sector , which occupies one-third of the benchmark, led losses, dropping about 1.7% to see its worst day since March 20. The country's largest banks lost in the range of 1.6% and 1.7%.
The energy index followed suit, dropping about 2.3%, after Brent crude prices slumped overnight. Santos and Woodside Energy dropped 2% and 2.7%.
Other indexes such as technology and healthcare traded around 1% and 0.3% lower, respectively.
The gold index advanced nearly 4.1% on account of higher bullion prices. Newcrest Mining and Northern Star Resources gained 2.7% and 5.1% respectively.
New Zealand's benchmark S&P/NZX 50 index fell 1% to 11,917.3 points. (Reporting by Archishma Iyer in Bengaluru; editing by Uttaresh Venkateshwaran)
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