Indian equities were caught in the global crossfire as a heavy selloff in Chinese tech giants soured sentiment in late noon deals on Tuesday. Add to it, the US
seemed nervous ahead of the Federal Reserve’s two-day monetary policy meeting that kicks off later in the day.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.97 per cent, while the Hong Kong benchmark fell 2.84 per cent. In onshore markets, Chinese bluechips dropped 2.93 per cent. Meanwhile in Europe, the pan-European STOXX 600 index skidded 0.6 per cent and futures attached to all three main Wall Street
indices slipped between 0.3-0.5 per cent.
Against this backdrop, the BSE Sensex and the NSE’s Nifty50
tanked 273.5 points and 78 points to end at 52,579 and 15,746 levels, respectively. In the broader markets, mid-cap stocks faced a severe blow with the BSE MidCap index erasing 0.67 per cent. The BSE SmallCap index, on the other hand, was down 0.11 per cent.