New Delhi, Aug. 28 -- A sharp wave of selling swept through the Indian stock market on Tuesday, August 26, pulling down benchmark indices as well as midcap and smallcap stocks by over 1 per cent each, wiping out nearly Rs.6 lakh crore in investor wealth in a single session.

The Sensex dropped 849 points, or 1.04 per cent, to close at 80,786.54, while the Nifty 50 fell 256 points, or 1.02 per cent, to settle at 24,712.05. The BSE Midcap and Smallcap indices tumbled 1.34 per cent and 1.68 per cent, respectively.

Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has turned weak as the Nifty 50 index has slipped below the 50-DEMA support placed at 24,850.

Speaking on the outlook of Indian sto...