Indices Drop 1% After Swing Show on D-St

BENCHMARK EQUITY INDICES snapped a two-day gaining streak on Tuesday, ending nearly 1% lower, primarily dragged down by financial and information technology (IT) stocks.

- ANANYA GROVER

After a gap-down opening, both the indices recorded an intra-day upmove of over 1%. But all the gains were later erased, with the Nifty closing nearly 200 points, or 0.7% down, at 24,826.20, while the Sensex lost more than 600 points or 0.8% to end at 81,551.63. The volatility index also hit a high of over 19 during the day.

Both the Nifty and the Sensex had gained 1.5% in the past two sessions. The Indian benchmarks fell even as most indices in Europe and Asia rose. US futures rose over 1% in early trade after President Donald Trump postponed the 50% tariff announced on the European Union to July 9.

However, the broader indices—BSE Midcap and BSE Smallcap—ended Tuesday's session 0.2% higher.