Indian markets slump as Nifty down 300-plus Sensex down 500-plus
The Indian stock market had a rough day this Tuesday. Nifty dropped over 300 points and Sensex fell by more than 500 points.
Almost every sector ended in the red, except for pharmaceuticals, which managed to hold steady.
Metals took the hardest hit, thanks to Vedanta's big ₹2,150 crore block deal and a stronger US dollar making metal imports pricier.
SK Hynix slowdown hits global markets
Global tech stocks were also in freefall, especially after South Korea's KOSPI lost 10% on news that SK Hynix is slowing the expansion of its latest chip.
This sent ripples through US markets too, with Nasdaq futures down close to 800 points and S&P 500 futures dropping by 100 points.
On top of that, volatility from NSE's weekly options expiration pushed Nifty close to its crucial support level of 23,800.
Infosys TCS down 3% Reliance 2%
India's IT giants weren't spared: Infosys and TCS both slipped by 3%, while Reliance Industries dropped by 2%.