Equity benchmark indices, Sensex and Nifty, fell by 1 per cent each on Tuesday due to widespread selling pressure amid continued foreign fund outflows and sluggish global trends.
The BSE Sensex dropped 820.97 points, or 1.03 per cent, to close at 78,675.18. During the day, it dropped 948.31 points, or 1.19 per cent, to 78,547.84.
The NSE Nifty, falling for the third consecutive day, dropped 257.85 points, or 1.07 per cent, to end at 23,883.45.
Among the 30 Sensex stocks, NTPC, Asian Paints, HDFC Bank, State Bank of India, Tata Motors, JSW Steel, Maruti, and Power Grid were the major losers.
Sun Pharma, Infosys, and ICICI Bank were among the gainers.
Foreign Institutional Investors (FIIs) sold equities worth ₹2,306.88 crore on Monday, while Domestic Institutional Investors (DIIs) purchased ₹2,026.63 crore in shares, according to exchange data.
"Two key factors are influencing the consolidating market. Firstly, the ongoing selling by FIIs is benefiting the bears and dragging the market down. Secondly, the continued buying by DIIs is helping to support the market and preventing a crash. The market's direction in the coming days will depend on the relative strength of these two factors," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong all closed in negative territory.
European equity markets were also trading lower, while Wall Street ended higher on Monday.
The global oil benchmark, Brent crude, rose 0.56 per cent to $72.23 a barrel.
After fluctuating between highs and lows, the BSE Sensex recorded a marginal gain of 9.83 points, or 0.01 per cent, to close at 79,496.15 on Monday. The Nifty fell slightly by 6.90 points, or 0.03 per cent, to 24,141.30.
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