A strong wave of selloffs engulfed the Indian stock market on Tuesday. Sensex and the Nifty 50 were down by over a per cent each.
The poor global cues and weak sectoral performance also weighed on the Indian benchmark indices.
At close, the Sensex was down 930.55 points or 1.15% at 80,220.72, and the Nifty was down 309.00 points or 1.25% at 24,472.10.
On Nifty, ICICI Bank, Nestle India, Infosys were the gainers while Adani Enterprises, M&M, Bharat Electronics, Coal India, Tata Steel were among the top losers.
Among the sectors, Nifty PSU Bank (down 4.18%), Realty (down 3.38%) and Metal (down 3%) crashed the most.
Nifty Auto, Media, Consumer Durables and Oil and Gas fell over 2% each. The Nifty Bank index declined 1.36%, while the Private Bank index suffered a loss of 0.97%.
BSE Midcap index ended with a loss of 2.52%, while the Smallcap index crashed 3.81%.
The overall market capitalisation of the firms listed on the BSE plunged to nearly Rs 444.7 lakh crore from nearly Rs 453.7 lakh crore in the previous session.
On BSE, over 160 stocks touched their 52-high including, GFL, IFB Industries, Indigo Paints, Maharashtra Scooters, MCX India, Orient Cement, Pilani Investments, SJS Enterprises, Torrent Power, Unichem Labs, Whirlpool, among others.
Shares of Varun Beverages jumped 3% from the red after the PepsiCo bottler reported a 22% rise in its consolidated net profit at Rs 630 crore in September 2024 quarter.
City Union Bank shares surged 12 per cent as the private sector lender’s earnings for the quarter were above expectations on October 22.
Stocks like Mazagon Dock Shipbuilders, one of the top leaders of the defence rally over the past two years—were among the hardest hit, declining by 10%.
Shares of Ambuja Cement fell 2 per cent after it announced that it will acquire a 46.8 per cent stake in Orient Cement Ltd, at an equity value of Rs 8,100 crore.
FPIs have been in an aggressive selloff mode in the Indian market this month. So far in October, FPIs have withdrawn a record Rs 82,479 crore from Indian equities.
Foreign investors have been flocking to the Chinese markets due to a huge valuation gap with respect to the Indian market.