Mumbai — Indian stock markets closed sharply lower Tuesday as heavy selling in metal, information technology and public-sector banking shares combined with weak global cues to pressure equities.
The Sensex fell 893.39 points, or 1.16%, to close at 76,200.68. The Nifty declined 278.80 points, also 1.16%, to end at 23,824.10.
Investor sentiment remained weak as losses in overseas markets prompted broad-based selling across major sectors. Concerns over global economic growth and continued uncertainty in international markets kept traders cautious throughout the session.
Infosys, JSW Steel and Tata Consultancy Services were among the biggest losers on the Nifty, facing significant selling pressure.
The decline also extended to the broader market. The Nifty MidCap index fell 1.05%, while the Nifty SmallCap index slipped 0.48%.
Metal shares led the losses, with the Nifty Metal index dropping more than 3%. The Nifty IT and PSU Bank indices also underperformed as technology and banking stocks remained under pressure.
The technology index declined more than 2% amid a global sell-off, with all of its constituents closing lower and some falling as much as 3%.
Defensive sectors provided limited support. The Nifty Pharma and Nifty Healthcare indices outperformed the broader market as investors sought relatively stable areas amid heightened volatility.
Market analysts said early gains failed to hold because of negative global signals and continued investor caution. Profit-taking following the recent rally added to the selling pressure and contributed to widespread losses across sectors.
Stable crude oil prices and easing geopolitical tensions offered some support, but investors remained focused on the progress of the monsoon and continuing U.S.-India trade negotiations. (Source: IANS)
