New Delhi, Feb. 1 -- The Indian stock market came under heavy selling pressure during a special trading session on Sunday, February 1, as metal stocks once again emerged as the major drag. PSU banks also joined the sell-off, causing key indices to snap their three-day gaining run.

The Nifty 50 slumped nearly 2% to the 24,825 level, marking its biggest intraday correction in recent times, while the S&P Sensex tanked 2.17% to 80,484. Broader markets witnessed even sharper losses, with the Nifty Midcap 100 plunging 2.24% and the Nifty Smallcap 100 index falling 2.73%.

The broad-based sell-off was triggered after the government proposed to hike the securities transaction tax (STT) on equity futures to 0.05% from 0.02%, according to the Budg...