The S&P BSE Sensex index slumped as much as 704 points to 36,419.09 at the day's weakest level, and the broader NSE Nifty 50 benchmark dropped as much as 207 points to an intraday low of 10,796.50.
With today's fall, the 50-share National Stock Exchange benchmark index turned negative for 2019. Selling pressure was visible across sectors with all the 11 sector gauges compiled by the NSE ending lower in trade.
The Sensex ended 642 points or 1.7 per cent lower at 36,481 and the Nifty 50 index slumped 186 points or 1.7 per cent to close at 10,818.
Rising crude oil prices in the aftermath of a drone attack on Saudi Arabian oil facilities is likely to widen the trade deficit gap for India, which imports around 80 per cent of its crude requirement.
Selling of Indian shares by foreign institutional investors (FIIs) also added to the already weak investor sentiment, they added. Foreign investors have so far this month net sold shares worth Rs. 2,428 crore, according to data compiled by the National Securities Depository.
The selling pressure was so intense that only three out of 30 shares in the Sensex basket ended higher.
In the Nifty 50 basket of shares, 44 stocks ended with losses. For the calendar year 2019, the Nifty turned negative on Tuesday, with a decline of 0.41 per cent.
All the 11 sector gauges compiled by National Stock Exchange ended lower, led by a 3.8 per cent fall in the Nifty Auto index. The Nifty Bank, Nifty PSU Bank, Nifty Financial Services, Metal, Private Bank and Realty indices also plunged between 2-3.5 per cent each.
HDFC, HDFC Bank, ICICI Bank, Axis Bank, Reliance Industries, Tata Consultancy Services and State Bank of India were among the biggest drags on the Sensex. They collectively wiped out over 350 points from the 30-scrip index.
Hero MotoCorp, Axis Bank, Maruti Suzuki, State Bank of India and IndusInd Bank were among the top losers in the Nifty 50 basket of shares.
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