Markets halt three-day rally

Mumbai: Market benchmarks wilted under selling pressure on Tuesday after a three-day rally as participants took money off the table amid surging oil prices and weak European equities.

Investors were also cautious ahead of release of GDP data, while a depreciating rupee further weighed on sentiment, traders said.

The 30-share BSE Sensex tumbled 359.33 points or 0.64 per cent to finish at 55,566.41.

Similarly, the broader NSE Nifty declined 76.85 points or 0.46 per cent to end at 16,584.55.

Sun Pharma was the top laggard in the Sensex pack, losing 3.11 per cent, followed by Kotak Mahindra Bank, HDFC, Titan, Infosys, SBI, Axis Bank and Reliance Industries.

In contrast, M&M, NTPC, PowerGrid, Tech Mahindra, Tata Steel and ITC were among the gainers, climbing as much as 3.61 per cent.

In the broader market, the BSE smallcap gauge went higher by 0.68 per cent and the midcap index jumped 0.49 per cent.

Among BSE sectoral indices, power declined by 2.17 per cent, utilities 1.95 per cent, bank 1.06 per cent and finance 0.80 per cent.

On the other hand, realty jumped by 2.11 per cent, followed by metal (1.78 per cent), auto (0.87 per cent) and telecom (0.84 per cent).

Elsewhere in Asia, markets in Seoul, Shanghai and Hong Kong rose after China eased COVID restrictions in Shanghai. Tokyo ended marginally lower.

Bourses in Europe were trading mostly lower in afternoon trade.

Foreign institutional investors turned net buyers as they bought shares worth Rs 502.08 crore on Monday, as per stock exchange data.