Stock Market Highlights: Nifty Ends 0.7% Lower, Sensex Plunges 600 Points As Bank Stocks Drag

The benchmark equity indices closed lower on Tuesday, reversing its two-day gains amid volatility in domestic markets.

The NSE Nifty 50 closed 174.95 points or 0.70% lower at 24,826.20 and the BSE Sensex ended 624.82 points or 0.76% down at 81,551.63. During the day, the Nifty fell 1.19% to 24,704.10, while the Sensex dropped 1.28% to 81,121.70

"The market witnessed significant volatility throughout the session, marked by sharp movements in both directions," said Aditya Gaggar, director of Progressive Share Brokers. "After a tepid start, the index extended its fall, followed by a V-shaped recovery."

"However, the rally was short-lived, and another round of selling dragged the Index further lower," Gaggar added.

Shares of Jio Financial Services Ltd., IndusInd Bank Ltd. and Trent Ltd. were the top gainers.

While those of UltraTech Cement Ltd. and ITC Ltd. were among the biggest laggards.

In terms of points contribution, Jio Financial Services Ltd. and IndusInd Bank Ltd. were among stocks that led the gains in the index.

ICICI Bank Ltd. and HDFC Bank Ltd. dragged the index the most

On the NSE, 10 out of the 15 sectors ended in the red, with the Nifty FMCG, IT and Consumption being the top laggards.

In the broader market, the BSE MidCap and SmallCap outperformed the Sensex, as they gained 0.12% and 0.16%, respectively.

The market breadth was skewed in the sellers of buyers, as 1,898 stocks advanced, 1,989 declined and 174 remained unchanged on the BSE.