Tech-Led global selloff, Fed rate fears weigh on Indian equities

Indian benchmark indices fell sharply on Tuesday, with Nifty 50 declining 1.2% or 278.80 points to close at 23,824.10 and Sensex dropping 1.2% or 893.39 points to 76,200.68, tracking a global tech-led selloff. The rout was triggered by South Korea's Kospi tumbling 10% and triggering market-wide circuit breakers on concerns that the AI-linked stock rally had become overheated, while Japan fell 3.6% and Hong Kong dropped 1.8%. India VIX surged 8.6% to 13.9, and all sectoral indices ended lower except pharma and healthcare, with Nifty Metal sliding 3.2% and PSU Bank and IT indices falling about 2% each.