Benchmark indices plunged in trade, even as most Asian markets were trading sharply lower, following weak overnight cues from across the US Markets.
Dow Futures were once again pointing to lower openings across the US markets, as deaths from New York, left investors worried. Covid-19 infections across the world continue to cause worries, with India too seeing a steady rise in infections.
The Sensex was last seen trading lower 1,188 points lower, while the Nifty lost 320 points in trade. Banking stocks were once again weak in trade with Kotak Mahindra Bank and HDFC Bank leading the set of losers. IndusInd Bank which was hammered in the last two trading sessions gaining ground initially, but, again slipped into the red. The stock was trading lower by 5 per cent. This has been one of the most volatile stocks in recent times.
Top losers from the Nifty space were ONGC, Kotak Mahindra, Reliance Industries and Adani Ports.
Meanwhile, Foreign Portfolio Investors continued to sell Indian stocks aggressively. On Tuesday, the net sold in the cash market to the tune of nearly Rs 3,000 crores. Unabated selling from FPIs has largely been responsible for the slump in the equity markets.