Mumbai

Benchmark equity indices Sensex and Nifty fell sharply on Tuesday, dropping over 1 per cent amid weak global cues, sustained foreign fund outflows and heavy selling in IT and banking stocks.

The 30-share BSE Sensex plunged 893.39 points, or 1.16 per cent, to close at 76,200.68. During intraday trade, it fell as much as 1,011.56 points to 76,082.51.

The 50-share NSE Nifty also declined 278.80 points, or 1.16 per cent, to end the session at 23,824.10.

Market sentiment turned negative after a recent rally, with investors reacting to weakness in global equities and persistent selling pressure from foreign institutional investors (FIIs), who offloaded equities worth ₹635.91 crore in the previous session.

Among Sensex constituents, Infosys and Tata Consultancy Services fell over 3 per cent each, dragging IT indices lower. Bharat Electronics, Tata Steel, Adani Ports, Eternal, HCL Tech and State Bank of India were also among the major losers.

On the other hand, Power Grid, Axis Bank, Sun Pharma and Maruti Suzuki managed to close in positive territory, offering limited support to the broader market.

In Asian markets, major indices including South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng ended sharply lower, reflecting widespread global weakness. The Kospi witnessed a steep fall of around 10 per cent.

European markets also traded in negative territory, further dampening investor sentiment.

According to analysts, the domestic market decline was led by a technology-heavy selloff, with the IT sector falling over 2 per cent. Weakness in the rupee and expectations of tighter US monetary policy also weighed on sentiment.

Brent crude prices eased 0.67 per cent to USD 77.46 per barrel, providing limited relief amid broader market concerns.

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On the previous trading day, markets had gained 291.17 points, indicating a sharp reversal in sentiment within a single session.