Sensex pares early gains; ends 262 points lower

SBI was the top laggard in the Sensex pack, shedding over 4 per cent, followed by Bajaj Finance, Asian Paints, Axis Bank, Kotak Bank and ICICI Bank.

M&M, PowerGrid, ONGC and Reliance Industries were among the major gainers.

NSE Nifty fell 87.90 points or 0.95 per cent to close at 9,205.60.

Equity benchmark Sensex surrendered all its early gains to end 262 points lower on Tuesday due to emergence of a sudden sell-off in financial stocks at the fag-end of the session.

Slumping over 810 points from the day's high, the 30-share BSE index settled 261.84 points or 0.83 per cent lower at 31,453.51, and the NSE Nifty fell 87.90 points or 0.95 per cent to close at 9,205.60.

State Bank of India (SBI) was the top laggard in the Sensex pack, shedding over 4 per cent, followed by Bajaj Finance, Asian Paints, Axis Bank, Kotak Bank and ICICI Bank.

On the other hand, M&M, PowerGrid, ONGC and Reliance Industries were among the major gainers.

According to traders, the market extended its losses to another session led by downbeat sentiment in financial stocks.

Despite positive cues from global market, domestic investor sentiment remained volatile amid rising number of COVID-19 cases in the country, they said.

Bourses in Hong Kong ended over 1 per cent higher, while those in Shanghai, Tokyo and Seoul were closed for a holiday.