MUMBAI: The Indian stock markets on Tuesday witnessed sharp losses in early trade, with equity benchmarks declining 1 per cent each amid uncertainty over a possible resolution to the West Asia conflict, ahead of a deadline set by US President Donald Trump to reopen the Strait of Hormuz.
Sensex opened 372 points or 0.50 per cent lower at 73, 734, while Nifty began the session at 22, 838.
Later in early trade, the 30-scrip basket declined as much as 1.11 per cent or 824.44 points, hitting an intraday low of 73, 282, while the 50-share index plummeted by 1 per cent or 248.95 points to 22, 719.30, an intraday low amid selling pressure in all sectors.
Sector-wise, financial, auto, real estate and pharma indices declined up to 2 per cent. Meanwhile, Interglobe Aviation (IndiGo), Eternal, Max Healthcare, M&M, Eicher Motors, Apollo Hospitals and Dr Reddy's were among the top laggards.
According to analysts, recent price action indicates improving sentiment, backed by buying at lower levels.