Indian equity markets extended their losses on Tuesday, with the benchmark Sensex sliding more than 520 points and the Nifty 50 breaching the 24,000 level.
The sell-off was driven primarily by weakness in the information technology and metals sectors, which dragged down broader indices despite a flat opening and easing geopolitical tensions in West Asia.
The decline marks a continuation of the pressure seen on Monday, when shares of India’s largest IT firms fell sharply, with declines reaching up to 3% across the sector.
The decline marks a continuation of the pressure seen on Monday, when shares of India’s largest IT firms fell sharply, with declines reaching up to 3% across the sector.
Major names including Infosys, Tata Consultancy Services, Wipro, and HCL Technologies all posted losses as selling broadened.
The Nifty 50 struggled to hold gains above the 24,000 mark, slipping into negative territory shortly after opening and failing to recover.
Investor caution appears to be the dominant theme, with traders stepping back after a recent rally.