Stock market today: Nifty50 ends below 26,050; BSE Sensex drops over 500 points

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, tanked in trade on Tuesday primarily due to selling pressure in prominent bank stocks and Reliance Industries, alongside continued foreign fund outflows.The BSE Sensex fell for the third consecutive session, dropping 503.63 points or 0.59 per cent to close at 85,138.27. The benchmark index experienced a day's low of 85,053, falling 588.9 points or 0.68 per cent. Despite reaching a record high in intra-day trading during the previous session, it closed lower as investors secured profits in the latter half.The NSE Nifty decreased by 143.55 points or 0.55 per cent to 26,032.20.Among the Sensex constituents, major losers included Axis Bank, HDFC Bank, Reliance Industries, ICICI Bank, Bharat Electronics and Larsen & Toubro. Conversely, Asian Paints, Maruti, Bharti Airtel and Bajaj Finance were top gainers.Foreign Institutional Investors (FIIs) sold equities worth Rs 1,171.31 crore on Monday, whilst Domestic Institutional Investors (DIIs) purchased stocks worth Rs 2,558.93 crore, as per exchange data.In Asian markets, Shanghai's SSE Composite index declined, while South Korea's Kospi, Japan's Nikkei 225 and Hong Kong's Hang Seng finished positively. European markets traded higher, while US markets closed lower on Monday.The global oil benchmark, Brent crude, decreased 0.33 per cent to USD 62.96 per barrel.On Monday, the Sensex relinquished early gains, ending 64.77 points or 0.08 per cent lower at 85,641.90. During trading, it reached a record intra-day peak of 86,159.02, rising 452.35 points or 0.52 per cent.The Nifty concluded Monday's session at 26,175.75, down 27.20 points or 0.10 per cent, after reaching its highest level of 26,325.80, up 122.85 points or 0.46 per cent during the day.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)