Mumbai, Jan. 27 -- The domestic equity benchmarks witnessed a sharp decline today, pressured by a series of negative factors. Concerns surrounding weak global cues, disappointing Q3 earnings from several companies, uncertainty over U.S. trade policies, and persistent foreign institutional investor (FII) outflows weighed heavily on investor sentiment.

The benchmark Nifty 50 index closed below the 22,850 mark, led by weakness in the IT and metal sectors. The broader market suffered a severe blow, with midcap and smallcap indices plunging sharply. The India VIX, a key measure of market volatility, surged over 8%, reflecting heightened investor anxiety.

Adding to the global market turmoil, Nasdaq futures tumbled by 4.2%, as investors assess...