Indian equity markets extended their losses on Tuesday, dragged down by a sharp sell-off in South Korea that triggered circuit breakers on the KOSPI.
The benchmark Nifty 50 fell 279 points, or 1.16%, to close below the psychologically significant 24,000 level, while the Sensex shed 893 points in a broad-based decline.
The KOSPI's drop of more than 10% in Seoul created immediate shockwaves in Mumbai, highlighting the interconnectedness of Asian equity markets during periods of volatility.
The selling pressure was most acute in the information technology and metals sectors, which led the decline as global risk sentiment deteriorated.
The KOSPI's drop of more than 10% in Seoul created immediate shockwaves in Mumbai, highlighting the interconnectedness of Asian equity markets during periods of volatility.
This move marks a continuation of the recent downward trend for Indian indices, which have struggled to find footing amid global macroeconomic uncertainties.
The breach of the 24,000 level on the Nifty 50 is a key technical signal that traders will be monitoring closely for further downside momentum.
Investors are now looking to the next session to see if the contagion effect from South Korea persists or if Indian markets can stabilize.
The performance of IT stocks, which are heavily weighted in the Nifty, will be a key indicator of whether the selling pressure is likely to continue.