Stock market today: Sensex drops over 1,200 points from day’s high, Nifty 50 falls 1%

The Indian stock market indices pared early gains to trade nearly a percent lower on Tuesday dragged by selling in financial heavyweights led by HDFC Bank.

The benchmark BSE Sensex plunged more than 1,200 points from day's high of above 72,000-mark.

The Nifty 50 also dropped more than 370 points after hitting intraday high of above 21,700.

Heavy selling was witnessed in broader markets as the Nifty Midcap 100 and the Nifty Smallcap 100 indices falling over 2%.

Barring Nifty IT and Nifty Pharma, all other sectoral indices were trading in the red with Nifty Media cracking 10%, followed by Nifty PSU Bank, Nifty Realty, Nifty Metal and Nifty Oil & Gas.

Among stocks, Zee Entertainment shares plunged nearly 30% after its failed merger with the local unit of Japan's Sony Corp stirred concerns about its survival in a highly competitive industry.

Meanwhile, investors reacted to December quarter corporate earnings which has so far been mixed.