Domestic stock markets fell for the fourth day in a row on Tuesday, weighed down by selling pressure across sectors barring IT and pharma shares.

Earlier in the day, benchmark indices staged a gap-down opening wherein the Sensex fell over 500 points and Nifty 50 index touched an intraday low of 11,084.65 as rising global COVID-19 cases and concerns over fresh lockdowns in Europe weighed on investor sentiment across the globe.The Sensex ended 300 points or 0.79 per cent lower at 37,734 and Nifty 50 index fell 97 points or 0.86 per cent to close at 11,154."There are concerns regarding new pandemic lockdowns in Europe.

Also, reports about major financial institutions allegedly moving illicit funds raised concerns among investors.

Also, the market has been ignoring negative news on macroeconomic numbers, rising COVID-19 cases in India, India-China standoff etc.

So, yesterday it used the global news flow as an excuse to correct," Prasanna Pathak, fund manager, Taurus Mutual Fund, told TheIndianSubcontinent.Nine of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Media index's 2.6 per cent decline.

Nifty Bank, PSU Bank, Private Bank, Realty, Auto and Financial Services indices also fell over a per cent each.On the other hand, IT and Pharma shares witnessed buying interest.Reliance Industries, HDFC, HDFC Bank, Axis Bank, Maruti Suzuki, Larsen - Toubro and Kotak Mahindra Bank were among the top drags on the Sensex.

They collectively contributed over 200 points towards decline on the Sensex.Mid- and small-cap shares also witnessed selling pressure as Nifty Midcap 100 and Nifty Smallcap 100 indexes fell around 1.5 per cent.Zee Entertainment was top Nifty loser, the stock closed over 6 per cent lower at Rs 197.

Bharti Infratel, GAIL India, Adani Ports, Maruti Suzuki, Tata Motors, Axis Bank, IndusInd Bank, ONGC, Larsen - Toubro and BPCL also fell between 2-4.5 per cent.On the flipside, HCL Technologies, TCS, Tech Mahindra, Grasim industries, Cipla, Dr Reddy's Labs, Bharti Airtel and State Bank of India were among the gainers.The overall market breadth was negative as 1,861 shares closed lower while 765 closed higher on the BSE.