Oil prices surged sharply after fresh Iran-US tensions, triggering volatility in global markets and weighing on Indian equities despite positive global cues and steady institutional flows.
Broad-based buying lifted midcap and smallcap stocks as global markets rallied, but analysts remain cautious and advise selective investing amid ongoing volatility.
Financial and banking stocks led losses as rising crude prices and weak global cues dragged markets lower, wiping out recent gains and keeping investor sentiment cautious.
At close, the Sensex was down 322.39 points or 0.38% at 85,439.62, and the Nifty was down 78.25 points or 0.30% at 26,250.30.
At close, the Sensex was down 275.01 points, or 0.32%, at 84,391.27, while the Nifty declined 81.65 points, or 0.32%, to settle at 25,758.
Sensex snapped its five-day losing streak to end with a decent gain of about half a per cent tracking positive global cues.
Broader indices underperformed as the BSE Midcap and Smallcap closed 0.57% and 0.45% lower.
Nifty managed to close just above 22,900, while buying in broader indices also helped to recover intraday losses.
At close, the BSE Sensex was down 32.11 points or 0.04% at 76,138.97, and the Nifty 50 was down 13.85 points or 0.06% at 23,031.40.
The benchmark Indices ended on a flat note in a highly volatile session on Tuesday amid gains in shares of select heavyweights.
