The Sensex fell 388 points to 78,154, while the Nifty dropped 112 points to 24,472. The Nifty Bank slipped 241 points to 57,446, while the Midcap index declined 12 points to 63,843.
Healthcare stocks were among the key areas of weakness, with Max Healthcare and Apollo Hospitals ending lower after recommendations by a Parliamentary Panel on price caps for hospitals.
ALSO READ | Triveni Turbine shares are the top Nifty 500 losers on Tuesday; Here’s why
The broader market action was driven by stock-specific moves following quarterly results. Zydus Lifesciences surged more than 7% after its first-quarter results, while Kolte-Patil Developers rose 12% and Bosch gained 4% following their respective Q1 results. Siemens also saw a sharp spike to the day’s high after its Q1 results.
In the oil-related space, Chennai Petroleum and Mangalore Refinery and Petrochemicals (MRPL) surged up to 15% despite a rise in oil prices.
Life Insurance Corporation of India (LIC) gained more than 3% after the stock came out of the futures and options (F&O) ban. Vedanta group companies moved off their day’s highs in the final hour of trade amid the possibility of promoters buying and selling stakes in group companies.
ALSO READ | KPI Green Q1 Results: Stock falls 9% despite revenue, margin growth, extends YTD loss
Meanwhile, Multi Commodity Exchange of India (MCX) rose more than 4% amid the possibility that the Securities and Exchange Board of India (SEBI) may allow foreign portfolio investors (FPIs) to trade in non-agricultural commodities.
The indices also saw adjustments following the Corporate Action System (CAS), with the Nifty adjusted by 22 points, the Sensex by 6 points and the Nifty Bank by 80 points.
From the Sensex basket, Dr Reddy’s Laboratories Ltd, Eternal Ltd, Hindalco Industries Ltd, Infosys Ltd, Titan Company Ltd and Eicher Motors Ltd were the major gainers.
ALSO READ | ‘Buy’ Or ‘Sell’: Analysts tracking Zee Entertainment divided on the road ahead after Q1 results
Max Healthcare Institute Ltd, UltraTech Cement Ltd, Tata Consumer Products Ltd, Nestle India Ltd, Apollo Hospitals Enterprise Ltd and Axis Bank Ltd were the biggest laggards.
