Mumbai: Benchmark Sensex and Nifty tumbled more than 1 per cent on Thursday after a two-day rally as investors remained on the sidelines ahead of the US Federal Reserve interest rate decision and unabated foreign fund outflows.

The BSE Sensex tanked 836.34 points or 1.04 per cent to settle at 79,541.79. During the day, it slumped 958.79 points or 1.19 per cent to 79,419.34.

The NSE Nifty dropped 284.70 points or 1.16 per cent to finish at 24,199.35.

From the 30-share Sensex pack, Tata Motors, Tech Mahindra, UltraTech Cement, JSW Steel, Sun Pharma, Asian Paints, IndusInd Bank and ICICI Bank were the major losers.

State Bank of India emerged as the only gainer from the pack.

Foreign institutional investors (FIIs) offloaded equities worth Rs 4,445.59 crore on Wednesday, according to exchange data.

In Asian markets, Seoul, Shanghai and Hong Kong settled higher while Tokyo ended lower.

European markets were trading in positive territory. Wall Street ended significantly higher on Wednesday.

Republican leader Donald Trump won the US presidential election for a second term, handing a shock defeat to his Democratic rival Kamala Harris, in one of the most remarkable comebacks in American electoral history, by rising from the political wilderness four years after his eviction from the White House and subsequent failed attempt to overturn the 2020 election outcome.

Global oil benchmark Brent crude dipped 0.33 per cent to USD 74.67 a barrel.

The BSE benchmark jumped 901.50 points or 1.13 per cent to settle at 80,378.13 on Wednesday. The Nifty soared 270.75 points or 1.12 per cent to 24,484.05.