Thirteen of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Metal index's 4 per cent fall
The Indian equity benchmarks erased intraday gains and snapped their five-day winning streak on Tuesday on weak global markets as investors' resorted to profit booking ahead US Federal Reserve meet outcome due tomorrow. The Sensex dropped 1,301 points from the day's highest level and Nifty 50 index touched an intraday low of 16,555 after hitting high of 16,900. Meanwhile, reports of Russian forces edging closer to central Kyiv also shattered investor sentiment.
The Sensex fell 709 points to close at 55,777 and Nifty 50 index dropped 208 points to close at 16,663.
Markets in Europe were trading sharply lower after reports suggested that Russia’s offensive in Ukraine edged closer to central Kyiv on Tuesday, with a series of strikes hitting a residential neighborhood as the leaders of three NATO member countries planned a visit to Ukraine’s embattled capital.
Shortly before dawn, large explosions thundered across Kyiv from what Ukrainian authorities said was artillery strikes, news agency AP reported.
Germany's DAX fell 1.72 per cent, France's CAC40 index tumbled 1.8 per cent and England's FTSE 100 dropped 1.34 per cent.
Back home, selling pressure was broad-based on account or profit booming after five days of gains amid weak sentiment in global markets.
In the last five trading sessions, Nifty jumped over 1,000 points or 6 per cent.
Thirteen of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Metal index's 4 per cent fall. Nifty Media, IT, Private Bank, PSU Bank, Financial Services and Bank indices also fell between 1-2.6 per cent.
On the other hand, auto and FMCG shares witnessed buying interest.
Mid- and small-cap shares also faced selling pressure as Nifty Midcap 100 index fell 0.9 per cent and Nifty Smallcap 100 index dropped 1.4 per cent.
Among the individual shares, Paytm dropped second straight session after the Reserve bank of India barred its payments bank from onboarding new customers. The stock fell 12 per cent to close at record low of Rs 592. The stock has crashed 72 per cent from its IPO price of Rs 2,150.
Tata Steel was top Nifty loser, the stock fell 5.2 per cent to close at Rs 1,229. Hindalco, ONGC, Coal India, JSW Steel, Kotak Mahindra Bank, Tech Mahindra, Infosys, Bharat Petroleum, Reliance Industries and Axis Bank also fell between 2-5 per cent.
On the other hand, Tata Consumer Products, Mahindra & Mahindra, Cipla, Shree Cements, Maruti Suzuki, UPL, Britannia Industries, Nestle India, Titan and Asian Paints were among the gainers.
The overall market breadth was negative as 2,047 shares ended lower while 1,338 closed higher on the BSE.