Nifty 50 closed with a loss of 110 points, or 0.56 per cent, at 19,528.75 while the Sensex closed the day at 65,512.10, down 316 points, or 0.48 per cent.
This would be the second consecutive decline in the Indian market. Investors are betting cautiously ahead of some of the major Q4 earnings such as HCL Tech, ICICI Bank, RIL, Yes Bank, and Tata Communications among others.
Despite witnessing a broader buying especially in FMCG and oil stocks, Sensex and Nifty 50 halted their 9 days of rally on Monday. IT stocks emerged as the major draggers after a disappointing Q4 prints of TCS and Infosys. All IT stocks were in the red.
IT stocks are under pressure after TCS reported mixed numbers in Q4FY23 and also missed street s expectations. Infosys is the next in line to announce its Q4 result after market hours on Thursday.
IT stocks are in focus ahead of TCS and Infosys Q4 earnings. In terms of indices, Smallcap stocks recorded a sharp upside, meanwhile, banking and metal stocks outperformed benchmarks.