Mumbai, May 7 -- The Indian stock market benchmarks Nifty 50 and Sensex closed in negative territory on Tuesday despite positive global cues, experiencing a widespread selloff.

While major Asian and European markets posted gains, buoyed by expectations of rate cuts by the US Federal Reserve due to recent data indicating a slowdown in the US labor market, Indias indices took a different trajectory.

Japans Nikkei surged by 1.54 percent, Koreas KOSPI by 2.11 percent, and Chinas Shanghai Composite Index by 0.22 percent.

Similarly, European peers like the UKs FTSE rose by over one percent, and Germanys DAX by about one percent at the time of the Sensex closure.

Investors in the Indian stock market continued to engage in selling amid ongoin...