Nifty, Sensex Extend Losses To End At Two–Month Low As RIL, HDFC Bank Drag: Market Wrap 

The NSE Nifty 50 and the BSE Sensex closed at the lowest level in over two months on Tuesday as the share price of heavyweights Reliance Industries Ltd. and HDFC Bank Ltd. dragged. Broad–based weakness in US stocks, Asian and European shares due to concern about the pace of unwinding of monetary conditions in the US also seeped into the Indian markets.

The Nifty 50 ended 309 points or 1.25% down at 24,472.10, and the Sensex closed 930.55 or 1.15% down at 80,220.72, the lowest level since Aug 14.

During the last leg of the trade, the Nifty 50 fell as much as 1.35% to 24,445.80, and the Sensex fell 1.23% to a low of 80,149.53.

Mayhem continued in the mid and small-cap segments, which led to a freefall across the board and without any pullback move. In the series of lower highs and lower lows, the Index has made another bearish candle, indicating the tightening of the bear's grip, according to Aditya Gaggar, director of Progressive Share Brokers.

Considering the oversold conditions in the mid and small-cap segments, a short-term bounce can be expected in the markets, which may push the index higher, but the upside seems to be capped at 24,670, while on the flip side, the index is close to its support zone of 24,370–24,430, Gaggar added.

RIL, HDFC Bank, Mahindra & Mahindra Ltd., Larsen & Toubro Ltd. and State Bank of India weighed on the Nifty 50 the most.

ICICI Bank Ltd., Infosys Ltd. and Nestle India Ltd. share prices added to the index.

All 12 sectors on the NSE ended lower, with the Nifty PSU Bank declining the most.

The broader indices underperformed as the BSE MidCap ended 2.5% lower and the SmallCap closed 3.8% down.

All 20 sectoral indices on the BSE ended lower, with Metal falling the most.

The market breadth was skewed in the favour of the sellers as 3,407 stocks fell, 576 rose and 76 were unchanged on the BSE.