Mumbai, June 23 (IANS) Domestic equity benchmarks ended sharply lower on Tuesday, dragged down by heavy selling in metal, information technology and public sector banking stocks amid weak global market cues.

The Sensex declined 893.39 points, or 1.16 per cent, to settle at 76,200.68, while the Nifty fell 278.80 points, or 1.16 per cent, to close at 23,824.10.

Investor sentiment remained subdued as weakness in global equity markets weighed on domestic equities, prompting broad-based selling across key sectors. Market participants largely remained cautious amid concerns over global growth and persistent uncertainty in international markets.

Among the major laggards on the Nifty index were Infosys, JSW Steel and Tata Consultancy Services, which witnessed significant selling pressure during the session.

The weakness extended to the broader market as well. The Nifty MidCap index ended 1.05 per cent lower, while the Nifty SmallCap index slipped 0.48 per cent.

Sectorally, metal stocks emerged as the biggest losers, with the Nifty Metal index plunging more than 3 per cent. The Nifty IT and PSU Bank indices also underperformed amid continued weakness in technology and banking shares.

Moreover, the technology index declined more than 2 per cent amid a global sell-off, with all constituents ending in the red, declining up to 3 per cent.

However, defensive sectors offered some support to the market. The Nifty Pharma and Nifty Healthcare indices outperformed the broader market, attracting investor interest amid heightened volatility.

According to experts, market sentiment weakened as early gains proved unsustainable amid negative global cues and prevailing caution.

Profit booking after the recent rally further intensified downside pressure, resulting in broad-based weakness across key sectors, they added.

While stable crude prices and easing geopolitical tensions offered some support, investors maintained a cautious stance, focusing on the progress of the monsoon and ongoing US-India trade discussions, the experts said.

–IANS

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