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The Indian equity benchmark indices underwent profit booking Tuesday, following negative cues from global markets. BSE Sensex at one point had dropped over 1,000 points dragged by losses in realty, financial, and IT shares.
The 30-scrip Sensex slumped 410 points to 59,667, and the Nifty50 index slumped 106 points to end at 17,748. The broader markets witnessed selling too as both mid-caps and small-caps closed over half a percent lower.
Among the 50 stocks on Nifty, Power Grid, Coal India, NTPC, IOC, and Sun Pharma lead the gains, as each scrip rose over 2 to 4.5 percent higher. Leading the losses were Bharti Airtel, Tech Mahindra, Bajaj Finance, Divi's Lab, Bajaj Finance. The shares of Reliance Industries Limited hit an all-time high of Rs 2,561 per share, rising over 1 percent.
Among sectors on NSE, Nifty PSU Bank, Pharma, and Metals closed the day in the green, whereas Nifty Bank, Financial Services, FMCG, Private Bank closed the day in the red. Sectors like IT, Media, Realty witnessed heavy selling.
Nifty Bank that had started the day on a strong note -- rising to a record high of 38,360 -- reversed the gains to end half a percent lower.
"Following negative global cues and profit booking in IT and realty sectors, the domestic market hit rough weather, however, it witnessed a rebound towards the closing. The rise in US bond yield and crude oil price along with the Chinese crisis acted as key headwinds to the ongoing rally in the global market. Amid broad-based selling in the domestic market, public sector, energy and metal stocks traded higher," Vinod Nair of Geojit Financial Services said.
Global shares continued falling for a third successive day as the bond yields on both sides of the Atlantic soared on anxiety over when central banks might raise interest rates.
MSCI's All Country World Index, which tracks shares across 49 countries, was down 0.3 oercent on the day after the start of trading in Europe.
European stocks had a rough day with Britain's FTSE 100 index falling 0.5 percent. Germany's DAX was down almost one percent and France's CAC 40 was down over 1 percent.
In the rest of Asia, shares were mixed as the fallout of Chinese property developer Evergrande's debt crisis and a widening power shortage in China weighed on sentiment.
Australia's benchmark S&P/ASX200 index closed nearly 1.5 percent lower. And Japan's Nikkei was down 0.2 percent, having halved its initial losses.
Over in commodities, the Brent crude oil hit $80 a barrel for the first time in three years. And gold prices fell to a one-and-a-half month low. Spot gold touched its lowest level since August 11 at $1,735.40 per ounce.
(With inputs from Reuters)