Indian stock markets snapped their four-day winning streak on Tuesday, with both the benchmark indices, the Sensex and the Nifty, losing more than 1.50 percent each, tracking weak Asian markets that witnessed mixed trading session amid falling crude oil prices.
After opening marginally lower from Monday's closing of 23,788, the S&P BSE Sensex slipped further, losing about 180 points at about 11.15 a.m, and by 1.15 p.m., it had shed about 360 points, led by a sharp correction across sectors. The Sensex closed at 23,410, with a loss of 378 points, down 1.59 percent.
On the NSE, the 50-scrip Nifty plunged even sharper, shedding over 108 points, or 1.50 percent, by afternoon and extended losses later to settle at 7,109.55, down 125 points, or 1.73 percent.
Both the benchmark indices saw almost all shares declining, with one significant exception, Asian Paints, whose shares rose by a modest 0.64 percent to close at Rs 874.50 on the BSE, while the share gained 0.40 percent on the NSE.
The advance-decline ratio on the NSE was 1:49 in favour of declines.
The top losers on the NSE were bank, commodity and realty stocks.
The biggest Sensex loser was public sector miner Coal India (down 4.06 percent), followed by State Bank of India (down 3.94 percent), Bajaj Auto (down 3.56 percent) and ICICI Bank (down 3.20 percent).
ITC shares extended losses on Tuesday amid renewed concerns of a steep hike in excise duty on all tobacco products in Budget 2016. The stock closed with a loss of 1.77 percent at Rs 294.30, after having shed 1.72 percent on Monday.
Union Budget 2016-2017 will be presented on Feb.29 by Finance Minister Arun Jaitley.
Gold prices declined by Rs 60 to trade at Rs 28,910 per 10 gm on Tuesday at 4 p.m., while silver traded firm at Rs 37,250 per kg, with a gain of Rs 150.