Indian equity benchmarks witnessed a sharp sell-off on Tuesday as bears took firm control of the trading session. The NSE Nifty 50 dropped 198.50 points or 0.88% to close at 22,421.95, while the BSE Sensex shed 570.59 points or 0.79% to settle at 71,909.70. The decline was primarily driven by profit-booking in frontline financial and technology heavyweights.
Sectorally, Nifty Bank, Nifty IT, and Auto indices faced intense pressure throughout the day, whereas defensive sectors such as FMCG and Healthcare managed to hold ground and cut broader losses. Top laggards included ICICI Bank, Infosys, and Reliance Industries. On the macro front, surging Brent crude oil prices hovering near $85 per barrel and sustained FII net selling continued to dent market sentiment. Additionally, a mildly depreciating Indian Rupee against the US Dollar kept foreign investors cautious. Technical charts indicate immediate downside support for the Nifty 50 at the 22,300 mark.