The BSE Sensex turned sharply lower in afternoon trades on Tuesday, while the 50-share Nifty dropped below 8,700 for the first time since February 26. The selloff was led by energy, power, realty and capital goods stocks.
The overall sentiment remained weak after a steep fall in the previous session, weighed down as Asian markets across the region remained under pressure over worries the US Federal Reserve would start raising interest rates from mid-year.
"Markets are likely to trade volatile for the near-term. People are waiting and are looking for fresh cues. However, overall outlook remains intact," said Suresh Parmar, head, institutional equities at KJMC Capital Markets.
The Sensex slumped 190 points at its day low, while the Nifty retreated over 60 points. 35 stocks in Nifty traded lower led by mortgage lender HDFC, which traded 4 per cent lower.
DLF, Kotak Mahindra Bank, Power Grid and Sesa Sterlite also traded with more than 2 per cent losses.
Telecom stocks bucked the trend with market leader Bharti Airtel rising as much as 11 per cent before cooling off. As of 2.05 p.m., Bharti Airtel traded 6.7 per cent higher and was the top Nifty gainer. Coal India and M&M were the other big gainers in Nifty.
As of 2 p.m., the Sensex traded 161 points lower at 28,684, while the Nifty was down 53 points at 8,703.
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