The Indian equity benchmarks resumed their downward move after day's pause in the previous session mirroring losses in global markets after US Federal Reserve chairman signaled plans to steadily tighten interest rate cycle. The Sensex fell as much as 1,419 points and Nifty 50 index touched an intraday low of 16,866.75. However, buying in banking shares like State Bank of India, Axis Bank, Kotak Mahindra Bank, IndusInd Bank and ITC helped benchmarks recover most of their intraday losses.