Indian indices pared opening gains to end around 1 percent lower on Tuesday led by a slide in banking and financial stocks. The Sensex ended 262 points lower at 31,453 while the Nifty50 index shed 88 points to settle at 9,205. Kotak Bank, HDFC Bank, ICICI Bank, HDFC, and SBI contributed the most to the losses in the indices. Market breadth favored declines for the day with the advance-decline ratio at 1:2.

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Meanwhile, equities across Asia followed a late Wall Street surge on Monday, after the easing of lockdown restrictions in Italy and parts of the United States. Most world markets had slumped on Monday amid fears that a US-China spat over the origin of the coronavirus outbreak could cause a new trade war.

Nifty Bank shed 2 percent, while Nifty Fin Services was also down 2 percent for the day and the Nifty PSU Bank index lost 3 percent. India expects bad debts at its banks - already at about $123 billion currently - could double after the coronavirus crisis brought the economy to a sudden halt, according to government and banking sources, Reuters reported on Sunday.

Among other sectors, Nifty FMCG and Nifty Pharma were down over 1.5 percent each, while Nifty Realty fell 2.7 percent.

Bharti Infratel, M&M, ONGC, PowerGrid, and RIL were the top gainers on the Nifty50 index, while SBI, Bajaj Finance, Britannia, Asian Paints, and Tata Motors led the losses.

United Spirits lost 8.8 percent and Radico Khaitan was down over 7 percent after Delhi and Andhra Pradesh imposed a special tax on liquor.

First Published:May 5, 2020 3:36 PM IST