Indian equity benchmarks declined on Tuesday after a
three-day rally, with the Sensex falling 359.33 points amid selling in index
heavyweights HDFC, Reliance Industries and Infosys.

The market was cautious ahead of GDP data, while a spike
in crude oil prices also affected sentiment, traders said.

The 30-share BSE Sensex fell 359.33 points or 0.64% to
settle at 55,566.41. During the day, it plunged 556.6 points or 0.99% to
55,369.14.

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The broader NSE Nifty declined 76.85 points or 0.46% to
settle at 16,584.55.

The broader indices ended in green with the BSE Midcap
index up by 0.49%, while the Small cap index was up by 0.68%. On the sectoral
front, Realty was up by 2.11%, Metal up by 1.78%, Consumer Disc up by 0.88%,
Auto up by 0.87% and Telecom up by 0.84%, while Power down by 2.17%, Utilities
down by 1.95%, Bankex down by 1.06%, Oil & Gas down by 0.80% and Consumer
Durables down by 0.77% were the top losing indices on BSE.

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Major laggards from the 30-share pack were Sun Pharma
down by 3.11%, Kotak Mahindra down by 2.55%, HDFC down by 2.50%, Titan Company
down by 1.67%, Infosys down by 1.54%, SBI down by 1.40%, Axis Bank down by
1.31% and Reliance down by 1.12%.

Among the gainers were M&M up by 3.61%, NTPC up by
3.48%, Power Grid Corp up by 2.06%, Tech Mahindra up by 1.46%, Tata Steel up by
0.78%, and ITC up by 0.58%.

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The rupee declined 12 paise to close at 77.66 against the
US dollar.

Asian Markets in Seoul, Shanghai and Hong Kong settled
with gains, while Tokyo ended marginally lower.

European markets were trading mostly lower during the
afternoon trade.

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US stock markets were closed for a holiday on Monday.

Brent crude, the international oil benchmark gained 1.64%
to USD 123.66 per barrel.

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

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“Domestic market failed to hold on to recovery mode
as it was awaiting the release of GDP data. A hike in oil prices due to the
EU’s ban on Russian oil imports would act as a headwind in taming global
inflation. Changes in policy by central banks would be a major factor to be
monitored in the coming days,” said Vinod Nair, Head of Research at Geojit
Financial Services.