Sensex Drops Over 400 Points, Nifty Ends Below 17,750; IT Shares Worst Hit

Ten of 15 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Realty index's over 3 per cent fall.

Sensex Drops Over 400 Points, Nifty Ends Below 17,750; IT Shares Worst Hit

Bharti Airtel was top Nifty loser, the stock fell 3.52 per cent to close at Rs 697.

The Indian equity benchmarks snapped their three-day winning streak on Tuesday on the back of weak global cues amid losses in information technology and banking shares. The Sensex fell as much as 1,032 points to hit an intraday low of 59,045.53 and Nifty 50 index touched an intraday low of 17,576.10. However, buying in index heavyweight Reliance Industries, which touched an all-time high of Rs 2,565, helped benchmarks recover partially from lower levels. With today's surge in Reliance Industries shares, its market capitalisation crossed Rs 17 lakh crore.

The Sensex fell 410 points to close at 59,668 and Nifty 50 index declined 106 points to settle at 17,749.

Surging yields pressured high-growth technology shares at the start of trading in Europe while fresh signs of a slowdown in China's economy also weighed on investor sentiment, pushing the pan-European STOXX 600 index down over 1 per cent.

Back home, selling pressure was broad-based as ten of 15 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Realty index's over 3 per cent fall. Nifty IT, Media, Financial Services, auto and bank indices also fell in the range of 0.6-2.2 per cent.

On the other hand, Nifty Oil & Gas, PSU Bank, Metal and Pharma indices advanced between 0.5-1 per cent.

Mid- and small-cap shares also witnessed selling pressure as Nifty Midcap 100 and Nifty Smallcap 100 indexes fell more than 0.6 per cent.

Bharti Airtel was top Nifty loser, the stock fell 3.52 per cent to close at Rs 697. Tech Mahindra, Bajaj Finance, Divi's Labs, Bajaj Finserv, Wipro, HCL Technologies, Infosys, ICICI Bank, Tata Consultancy Services, IndusInd Bank and Tata Consumer Products also fell between 1.5-3.5 per cent.

On the flipside, Power Grid, Coal India, NTPC, Indian Oil, Sun Pharma, Bharat Petroleum, Kotak Mahindra Bank, JSW Steel, Titan, Cipla and ONGC were among the top Nifty gainers.

The overall market breadth was marginally negative as 1,742 ended lower while 1,515 ended higher on the BSE.