The benchmark equity indices closed in the red on Tuesday, dragged down by heavyweights Reliance Industries Ltd and ICICI Bank Ltd.
The US is proceeding with its decision to tax Indian imports 50% as the White House drafted papers for it. Losses in global markets weighed on Indian markets too.
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The NSE Nifty 50 ended 255.7 points or 1.02% lower at 24,712.05 and the BSE Sensex closed 849.37 points or 1.04% lower at 80,786.54.
The Nifty fell over 200 points from the day's high to end at its lowest level in the past seven sessions. During the day, the Nifty tanked 1.11% to 24,689.6, while the Sensex plunged 1.16% to 80,685.98.
In terms of points contribution, RIL, ICICI Bank, Larsen & Toubro Ltd, Bharti Airtel Ltd and Bajaj Finance Ltd dragged the index the most.
Eicher Motors Ltd. and Hindustan Unilever Ltd. were among the top gainers in the Nifty, while Shriram Finance fell the most.
All but one of the 15 sectors on the NSE closed in the red, with the Nifty Defence, Realty and PSU Bank declining the most.
The BSE Midcap ended 1.34% lower and the SmallCap also ended 1.68% lower. The Nifty Midcap 150 index declined over 1.5% for the day, weighed down by losses in Vodafone Idea.
The market breadth was skewed in favour of the sellers as 1,219 stocks gained, 2,884 declined and 137 remained unchanged on the BSE.
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