New Delhi, May 14 -- Following the sell-off trigger at overbought levels, the Indian stock market ended lower on Tuesday. The Nifty 50 index crashed 346 points and closed at 24,578. The BSE Sensex tanked 1,281 points and closed at 81,148. The Bank Nifty index lost 442 points and closed at 54,940. Media and PSU Banks outperformed among the sectors, while IT and FMCG stocks lagged. Meanwhile, the Midcap and Smallcap segments showed resilience and outperformed key benchmark indices.

Speaking on the outlook of the Indian stock market today, Siddhartha Khemka, Head of Research-Wealth Management at Motilal Oswal, said, "The steel sector could come into focus with India's proposal to impose retaliatory tariffs on US steel and aluminium imports....