Sensex and Nifty indices extended their losing streak for the fourth consecutive session, primarily due to a significant downturn in bank stocks and sustained foreign fund outflows.
Concerns over diminishing hopes of a rate cut and continued withdrawal of foreign investments have cast a shadow over investor sentiment.
The 30-share BSE Sensex took a sharp nosedive post-noon, erasing all early gains and registering a substantial decline of 454.69 points or 0.62 per cent, closing at 72,488.99.
Similarly, the NSE Nifty also faced decline of 152.05 points or 0.69 per cent, concluding at 21,995.85, after fluctuating between a high of 22,326.50 and a low of 21,961.70 during the trading day.
Leading the downturn in the Sensex were companies like Nestle, which saw a decline of over 3 per cent amidst reports of higher sugar content in its infant milk products sold in less developed countries. Other laggards included Titan Company, Axis Bank, NTPC, Tata Motors, ITC, Tech Mahindra, Bajaj Finserv, ICICI Bank, HDFC Bank, and Bajaj Finance.
On the flip side, Bharti Airtel, Power Grid, Infosys, and Larsen & Toubro managed to buck the trend and emerged as gainers.
Vinod Nair, the head of research at Geojit Financial Services, commented, "Domestic benchmarks extended losses amid mixed sentiments, emerged from escalating geopolitical tensions in the Middle East, and as hopes of US rate cuts waned. Meanwhile, investors will closely monitor the Q4 outcomes for further directions."
While Asian markets such as Seoul, Tokyo, Shanghai, and Hong Kong closed in positive territory, global oil benchmark Brent crude experienced a decline of 0.63 per cent, settling at $86.74 a barrel.
Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth Rs 4,468.09 crore on Tuesday, according to exchange data.
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