The benchmark NEPSE Index fell sharply on Wednesday, extending its decline for the second consecutive trading day.

The index dropped by 46.78 points, or 1.64 percent, as the market continued to slide following Monday’s strong rally. On Tuesday, the index had fallen by 32.08 points to close at 2,843.35.

The market had earlier surged by 162 points on Monday, closing at 2,875.43, but has since witnessed a continuous downward trend.

Of the companies traded on Wednesday, share prices of 34 firms increased, while 225 declined. The share prices of three companies remained unchanged.

A total of 36,049,451 shares were traded through 115,555 transactions during the day.

The total turnover stood at Rs13.18 billion, marking a sharp decline compared to Rs21.50 billion recorded on Tuesday.

Among the 13 sectoral indices, only the mutual funds sub-index posted gains, while all other sectors recorded losses, dragging the overall market index down by a significant margin.