Stock Market: Sensex Sheds 221 Points, Nifty Ends Below 17,750 Ahead Of RBI MPC Outcome

Stock update: On the 30-share Sensex platform, Tata Steel, ITC, Sun Pharma, Maruti, HCL, Tata Motors, HUL were the prime losers, while Kotak Bank, IndusInd Bank, Bajaj twins, L&T, SBI emerged winners

The two key equity benchmarks, Sensex and Nifty, on Tuesday oscillated between gains and losses as stock-specific action dominated the market mood ahead of the Reserve Bank of India's interest rate decision on Wednesday.

The S&P BSE Sensex fell 592 points from the day's high to hit an intra-day low of 60,063. The Sensex finally settled in the fag-end to close at 60,286, down 221 points. On the other hand, the Nifty50, meanwhile, bounced back from the intra-day low of 17,652 to settle at 17,722, down 43 points.

On the 30-share Sensex platform, Tata Steel, ITC, Sun Pharma, Maruti, HCL, Tata Motors, HUL were the prime losers. On the flip side, Kotak Bank, IndusInd Bank, Bajaj twins, L&T, SBI emerged winners.

Shares of Adani group companies were trading higher on the BSE in Tuesday's intra-day trade, recovering from the sharp fall recorded over the past eight trading sessions. Shares of digital financial services firm One97 Communications, which owns Paytm, hit over three-month high of Rs 669.60 as they zoomed 20 per cent on the BSE in Tuesday's intra-day trade.

In the broader markets, the BSE MidCap index added 0.02 per cent, while the BSE SmallCap index dipped 0.17 per cent.

Sectorally, the Nifty FMCG index slipped 1.16 per cent, followed by the Nifty Auto index (down 1 per cent). The Nifty Realty added 0.88 per cent.

In the previous session on Monday, Sensex dropped 335 points (0.55 per cent) to close at 60,506, while the Nifty fell 89 points (0.50 per cent) to end the day at 17,764.

Meanwhile, the rupee appreciated 6 paise to close at 82.70 against the US dollar on Tuesday, as a weak American currency against major rivals overseas boosted investor sentiments. However, muted domestic equities, unabated foreign capital outflows and rising crude prices restricted the rupee's rise, forex dealers said.

At the interbank foreign exchange market, the local unit opened strong at 82.68 and touched an intra-day high of 82.62 and a low of 82.80 against the greenback. It finally settled at 82.70, up 6 paise over its previous close of 82.76.

Global oil benchmark Brent crude futures rose 1.69 per cent to $82.36 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 1,218.14 crore, according to exchange data.