The markets experienced a significant downturn on Tuesday as Hyundai Motors' IPO opened at a 1% discount, leading to declines in Indian benchmark indices. The Sensex fell by 931 points (-1.15%), meanwhile the Nifty dropped by 311.

Sensex and Nifty tumbled on Tuesday as FIIs continued their selling spree in local equities in October. Selling by FIIs reached Rs 88,244 crore by October 21, as per NSDL data. Also, profit-booking was expected as the market was trading with expensive valuations,

Bank Nifty traded 0.75 per cent lower, led by losses in index heavyweights including SBI, HDFC Bank, Kotak Mahindra Bank and Bank of Baroda among others. Paytm shares fell sharply and traded with a cut of over 3 per cent at Rs 701 even as the company turned profitable during the September quarter on the back of one-time exceptional gains.

Indian equity indices opened on a mixed note, tracking a muted showing on Wall Street overnight and Asian markets on Tuesday morning.

Indian benchmark indices Nifty 50 and Sensex ended the previous trade session in the red. Nifty 50 closed at 24,781.10, while Sensex ended at 81,151.27.Overnight, Wall Street indices Dow Jones and S&P 500 declined,

Bajaj Auto, HDFC Bank, Asian Paints, and Mahindra and Mahindra were among the top gainers on the Nifty index. Tata Consumers, Kotak Bank, BPCL, and Bajaj Finserv were among the top losers.