Weak global cues and ongoing foreign withdrawals weighed on investor mood as the Indian stock market closed in deep red on Tuesday, continuing its losing run for the fifth straight session.
The BSE Sensex dropped 1016.55 points, or 1.31%, to end the day at 76,295.25, while the Nifty50 closed at 1016.55, down 309.80 points, or 1.32%. The indices fell as auto and banking companies took the lead in the downturn.
All of the equities in the Sensex 30 pack ended in the negative, with Bharti Airtel being the only one to make money. Zomato was one of the worst losers, closing lower by 5.24%. As the market sell-off pulled equities lower, Tata Steel plummeted 2.84%, Tata Motors fell 2.70%, Power Grid fell 2.68%, and Larsen & Toubro fell 2.41%.
Adani Enterprises topped the gainers in the Nifty 50 pack with a 1.32% increase, followed by Grasim Industries (up 0.76%), Trent (up 0.52%), Bharti Airtel (up 0.17%), and Britannia (up 0.09%).
On the downside, BEL fell 3.29%, Coal India fell 3.37%, Shriram Finance fell 4.51%, Apollo Hospitals fell 6.61%, and Eicher Motors decreased 6.70%.
Financial equities suffered due to a lackluster sentiment, and Nifty Bank ended the day lower at 49,403.40, down 1.16%. Nifty Smallcap 50 fell 3.50%, indicating strong selling pressure in smaller firms, while Nifty Midcap 100 fell 3.02%, losing more than 1,500 points, resulting in even more severe losses for the whole market. In the meantime, there was a sharp dip of 2.85% in the Nifty Midcap 50 index.
The pressure was increased by the fact that FPIs sold off stocks valued at about Rs 2,463.72 crore, being net sellers for the fourth day in a row.
