Broader market came under selling pressure on Tuesday as rising volatility and high valuations provided investors a recipe for profit booking. The smallcap and midcap index on BSE corrected as much as 2% each intraday, while the volatility index India VIX rose for the ninth consecutive session to 17.01.

This was the third consecutive session of decline for both the broader market indices after they hit their lifetime high levels in intraday trading on May 3.

On Tuesday, the BSE Smallcap index ended 1.7% lower at 45,920.86 points, while BSE Midcap index fell 1.9% to 41,211.15 points. At the same time, Nifty ended 0.6% lower at 22,302.50 points and Sensex fell 0.5% to 73,511.85. Overall investor wealth also declined by Rs 4.87 trillion to Rs 398.4 trillion.

Deepa…