Sensex crashes 893 pts, Nifty slips below 23,850 as IT, banking stocks drag markets lower

Indian equity markets ended sharply lower on Tuesday as heavy selling pressure across key sectors dragged benchmark indices deep into the red.

The BSE Sensex plunged 893.39 points, or 1.16 per cent, to close at 76,200.68, while the NSE Nifty 50 declined 278.80 points, or 1.16 per cent, to settle below the crucial 23,850 mark at 23,824.10.

Sectoral breadth remained weak as investors booked profits across IT, metals, banking and financial counters. The Nifty IT index emerged as the biggest laggard, falling over 2 per cent, followed by weakness in metal and PSU bank stocks.

However, select defensive pockets such as pharma and healthcare managed to buck the broader market weakness, while mid and small-cap indices showed relative resilience.

More from Business

Market sentiment remained cautious amid global uncertainty and currency pressure, with the Indian rupee trading lower by 0.06 per cent at 94.73 against the US dollar around 3:30 p.m. IST, compared with its previous close of 94.6475.

Analysts said investors will continue to track global cues, foreign fund flows, currency movement and macroeconomic developments for further direction.