Major stock indexes fell for the third day in a row on Tuesday, with the BSE Sensex falling nearly 559 points in early trade as foreign money outflows and high crude oil prices continued to wreak havoc ahead of the RBI’s policy meeting on Wednesday.

Sensex was down 559.46 points at 55,115.86. Nifty dropped 161.05 points to 16,408.50.

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Titan, Dr Reddy’s, HUL, Asian Paints, Nestle, Sun Pharma, Maruti, and Kotak Mahindra Bank were the Sensex pack’s top laggards. NTPC and Reliance Industries, on the other hand, gained.

In other Asian markets, Tokyo and Shanghai were trading higher, while Hong Kong and Seoul were trading down. On Monday, stock markets in the United States finished higher.

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“Two crucial numbers coming this week are significant – RBI’s rate hike tomorrow and inflation rate in the US expected on Friday. The market direction is likely to be influenced more by inflation in the US, which, in turn, will decide how far the Fed will go in raising rates. This will be the key determinant of possible ‘risk on’ or ‘risk off’ in equity markets globally,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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On Monday, the Sensex fell 93.91 points, or 0.17%, to close at 55,675.32. The Nifty dropped 14.75 points, or 0.09%, to 16,569.55.

According to stock exchange statistics, foreign institutional investors sold shares worth a net Rs 2,397.65 crore on Monday.

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Meanwhile, Brent crude, the worldwide oil standard, rose 0.69% to USD 120.33 per barrel. In early trade on Tuesday, the rupee fell 5 paise to 77.71 against the US dollar, as significant selling pressure in domestic stocks and a strengthening greenback in the international market impacted investors’ mood.