Equity benchmarks Sensex and Nifty broke their five-day
gaining streak on Tuesday and closed with sharp losses, tracking weak global
markets and decline in index heavyweights such as Reliance Industries, Infosys
and HDFC Bank.

Despite opening the session with gains of over 200
points, the BSE Sensex turned highly volatile and plunged 709.17 points or
1.26% to close at 55,776.85. During the session, the benchmark index dropped
1,067.07 points or 1.88% to 55,418.95.

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The broader NSE Nifty also plunged 208.30 points or 1.23%
to settle at 16,663.

Among sectoral indices, except auto all other sectoral
indices ended in the red with IT, metal, power and oil & gas indices losing
1-4%. The BSE midcap and smallcap indices lost 0.5% each.

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The top laggard from the 30-share Sensex pack was Tata
Steel declining 4.89%, followed by Kotak Mahindra down by 3.11%, Tech Mahindra
down by 2.92%, Infosys down by 2.73% and Reliance Industries down by 2.28%.

Among the gainers were, Mahindra & Mahindra was up by
2.31%, Maruti Suzuki up by 1.40%, Nestle India up by 0.82%, Asian Paints up by
0.81% and Titan up by 0.47%.

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Stocks in Hong Kong and Shanghai settled sharply lower
amid tensions over fresh virus lockdowns. Tokyo was slightly higher.

European stock exchanges were largely trading lower in
the afternoon session.

Stock exchanges in the United States closed on a mixed
note in the Monday trade. The scheduled Federal Reserve policy meeting is also
keeping markets on edge.

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Meanwhile, international crude oil benchmark Brent crude
plunged 6.11% to USD 100.4 per barrel.

According to stock exchange data, foreign institutional
investors continued their selling spree in Indian markets as they offloaded
shares worth Rs 176.52 crore on a net basis on Monday.

The rupee slips 6 paise to 76.60 against the US currency on
Tuesday.

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Retail inflation touched an eight-month high of 6.07% in
February, remaining above the RBI’s comfort level for the second month in a
row. The wholesale price-based inflation (WPI) rose to 13.11% on account of soaring
crude oil and non-food item prices, according to government data released on
Monday.