"Hence, markets are likely to remain in a broader range with stock-specific action in the near term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
The 30-share BSE benchmark Sensex declined 384 points or 0.52% to settle at 73,512. The broader NSE Nifty dropped 140 points or 0.62% to end at 22,302. Oil steadied on Tuesday as weakness in the physical market countered concern about conflict in the Middle East as Israel stepped up attacks in southern Gaza and a ceasefire deal between Hamas and Israel hung in the balance.
"We expect the market to consolidate in a broader range and base to gradually shift higher," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Indian indices surged with Sensex up 0.61% at 74,327 and Nifty50 at 22,561, tracking positive global cues. Top performers included Kotak Mahindra Bank, JSW Steel, TCS, and UltraTech Cement.