Indian benchmark equity indices tumbled on Tuesday, with the Sensex plunging over 900 points and the Nifty falling below the 24,500 mark, pressured by weak earnings and continued foreign selling.The 30-share BSE Sensex fell 930 points, or 1.15%, to settle at 80,220, while the broader NSE Nifty plunged 309 points, or 1.25%, to close at 24,472.The market capitalisation of all listed companies on BSE dropped by Rs 9.34 lakh crore to Rs 444.31 lakh crore.Reliance Industries, HDFC Bank, M&M, SBI, and L&T together dragged the Sensex down by 505 points. TCS, NTPC, Tata Motors, Axis Bank and Power Grid also contributed to the decline.The broader, more domestically focused Nifty Smallcap100 index dropped 3.7%, while the Nifty Midcap100 fell 2.3%, underperforming the benchmark indices. Meanwhile, the fear gauge India VIX jumped 5.2% to 14.48.Sector-wise, Nifty PSU Bank and Realty led the losses, falling 4.2% and 3.3%, respectively. Additionally, Nifty Auto, Media, Consumer Durables, and Oil & Gas sectors each closed over 2% lower.Domestic equities have seen profit-taking since reaching record highs on September 27, with the Nifty losing nearly 7% from its all-time high.1) Weak Q2 EarningsCorporate earnings, after four consecutive years of strong double-digit growth, are starting to moderate.The benchmark indices came under pressure after several blue-chip and other companies reported disappointing Q2 results, leaving investors dissatisfied. Following these results, investors are now shifting towards more defensive stocks. “The earnings cycle is showing signs of slowing down, and we’ve seen a decline in consensus earnings estimates over the past six months. Small caps are particularly vulnerable to any interim cyclical slowdown in economic momentum and may experience steeper cuts,” said Vrijesh Kasera, Fund Manager - Equity, Mirae Asset Investment Managers.2) Global Selloff Indian equity markets fell in tandem with global markets on Tuesday, tracking a dip in global stocks. The MSCI All-World index slipped 0.2%, while U.S. futures signaled another weak start after Monday's decline in benchmark indices. Japan's Nikkei also dropped 1.6%, hitting its lowest level since early October.3) Rise in Bond Yields and Strong DollarUS bond yields and the dollar traded near multi-month highs. Rising US bond yields and a stronger dollar are generally negative for the Indian equity market as they can trigger foreign fund outflows and increase import costs, ultimately impacting corporate earnings.Benchmark 10-year Treasury yields rose 2 basis points to 4.21%, extending a sharp move higher and hitting their highest since late July. The dollar index was at 103.96."The recent sharp rise in US bond yields signals diminished expectations for aggressive rate cuts by the US Fed, also affecting fund flows to EMs," said Vinod Nair, Head of Research, Geojit Financial Services.4) US ElectionThe looming U.S. election adds to the uncertainty, with former Republican President Donald Trump and Democratic Vice President Kamala Harris engaged in a tight race to secure key competitive states ahead of the November 5 voting day.Trump's lead in online betting polls has contributed to the dollar's recent rise to a 2.5-month high, as his proposed tariff and tax policies could lead to stronger inflation and prolong higher U.S. interest rates.5) Pressure from FIIs SellingThis time the trigger for the correction has come from the sustained selling by FIIs which has reached Rs 88,244 crores by 21st October, according to NSDL."The fact is that even after the correction triggered by the sustained FII selling, Indian market valuations are higher than historical averages even though largecap valuations can be justified by their long-term growth prospects. Since market sentiments continue to be negative a sharp and sustained recovery appears difficult even though a rebound can happen any time," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.6) Declining Odds for High Rate CutThe likelihood of the U.S. Federal Reserve implementing a quarter-point rate cut at its November 7 meeting has decreased to 87%, down from near certainty just a week ago, according to CME's FedWatch tool.A host of data signalling U.S. economic strength have thrown cold water on bets over another outsized cut, following the Fed's decision to cut rates by half a point in September.