Bears take control of stock market; Nifty, Sensex close nearly 2% lower - Reliance, Bajaj Finance among top losers

Bears took control of stock markets as benchmark indices, Nifty50 and Sensex, slipped over 2 per cent each, while Bank Nifty slumped over 800 points. Broader markets followed the suit too as midcap and small-cap indices slumped more than 2% each. Zee Business Managing Editor Anil Singhvi said FIIs selling pressure appears to be main reason triggering this fall as the global markets largely remained positive.  

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Nifty slipped below 17,500, while Sensex lost nearly 1200 points at Tuesday's closing.  Sensex tanked 1170.12 points or 1.96% to settle at 58,465.89, while Nifty closed at 17,441.05, down 323.75 points or 1.82%. Following headline indices, Bank Nifty too corrected by 1.89% or 717.85 to 37,258.40. Bharti Airtel gained 3.7% to end as the top Nifty, Sensex gainer. Asian Paints, Power Grid, and IndusInd Bank were other gainers on 30-share Sensex. 

Among the stocks Reliance Industries, Bajaj Finance, Bajaj Finserv, Tata Motors and NTPC, which corrected between 4% and 6% on Monday, were top losers  

"Indian market declined sharply today due to weak global cues amid concerns about European Covid-19 curbs and the possibility of earlier interest-rate increases in the United States," said Arijit Malakar, Head Research (Retail) of Ashika Stock Broking Ltd.