There was selling pressure across global and Asian markets, following a sell-off in tech stocks across the US in trade on Monday. The tech heavy NASDAQ lost as much as 2.55% in trade.
Asian markets were trading sharply lower with the Japanese Nikkei 22 leading declines and dropping almost 2.5% in trade, following losses in the US. The Topix too moved 2% lower, while South Korea's Kospi fell around 1.6%.
The Sensex was trading with losses of 470 points, while the Nifty dropped lower by 166 points in trade.
Shares in Punjab National Bank (PNB) fell almost 5% after the bank aid its board has approved raising equity capital from qualified institutional investors to enhance its capital base. For the QIP, PNB has fixed the floor price at Rs 35.51 per equity share.
Chambal Fertilizers saw its shares drop marginally after the company reported sharply higher profit at Rs 447.89 crore in the last quarter of 2021 against Rs 197.55 crore in Q4FY20.
Among the Nifty stocks that gained ground in trade were Divis and Sun Pharma, while metal stocks that have rallied sharply in the last few days dropped. Hindalco, JSW and Tata Steel were among the top stocks from the Nifty that lost ground.