New Delhi, June 24 -- The Indian equity benchmarks suffered a sharp correction on Tuesday, with Nifty 50 and Sensex both plunging 1.16% to close at 23,824.10 and 76,200.68, respectively.

Broader markets also faced intense selling pressure with the Nifty Midcap 100 dropping 1.05%, resulting in a heavily skewed advance-decline ratio of 1,020 advances to 2,280 declines. The aggressive profit-taking was triggered by a combination of domestic and global headwinds, notably tracking a sharp sell-off in Asian peers and weak US futures. Domestically, sentiment was dampened by a weak monsoon start, with more than 450 districts reporting deficient rainfall and slowing economic momentum, as India's flash services activity plummeted to a 17-month low...