Indian stock markets remained under pressure on Tuesday morning, with benchmark indices falling for the second straight session due to continued geopolitical uncertainty and weak investor sentiment.
The BSE Sensex slipped 474 points during intraday trade to touch 75,541, while the NSE Nifty dropped 126 points to 23,689.
Earlier, the Sensex had opened lower by 326 points at 75,688.39, and Nifty began the session down 93 points at 23,722.60.
Broad-based selling was visible across several sectors, particularly information technology, chemicals, real estate, cement and financial stocks, which declined more than 2 per cent.
Among the major losers were Infosys, Tech Mahindra, Tata Consultancy Services, Wipro, ICICI Bank and Bajaj Finance.
On the other hand, metal, oil and gas, and PSU banking stocks managed to trade in positive territory despite the broader weakness.
Market analysts said sectors linked to essential consumption could remain relatively stable despite Prime Minister Narendra Modi calling for austerity measures.
According to experts, pharmaceutical companies may continue to benefit from steady demand and the weakening rupee, while FMCG businesses are also expected to remain less affected.
Analysts further pointed to improving private capital expenditure trends, especially in capital goods, automobiles and renewable energy sectors, despite the current negative market environment.
Globally, crude oil prices remained elevated, with Brent crude rising 1.09 per cent to $105.35 per barrel and WTI crude gaining 1.23 per cent to $99.28 per barrel.
Asian markets traded mixed, with Japan’s Nikkei and Hong Kong’s Hang Seng posting gains, while South Korea’s KOSPI fell over 2 per cent.
In the US, both the S&P 500 and Nasdaq ended marginally higher overnight.
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