The Indian equity benchmark indices failed to hold intra-day recovery and closed at day's low Tuesday. Financial stocks lent some support to the headline indices as all major private banks closed in the green.

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The 30-scrip Sensex closed at 60,754, as it declined 660 points and the Nifty50 index closed 195 points lower to end at 18,113. The broader markets also slipped as midcaps and smallcaps slipped over 2 percent. The market breadth firmly favours the declines, with two stocks rising for every seven stocks that slipped.

Among sectoral gauges, Nifty Bank ended flat while indices like Nifty Auto slipped over 2 percent. Nifty IT declined 1.8 percent and Nifty Metal fell over 2 percent. Nifty Pharma also eased 1 percent and Nifty Realty declined over 2 percent.

Among the 50 stocks on Nifty, Axis Bank, Dr Reddy, HDFC Bank, ICICI Bank, and Nestle India led the gains, as each scrip rose up to 2 percent. Leading the losses were Tata Consumer, Maruti, UltraCement, Eicher Motors, and Tech Mahindra.

Globally, Asia-Pacific markets lost momentum as major indices declined across the region, erasing morning gains. MSCI's broadest index of Asia-Pacific shares outside Japan declined 0.7 percent. Japan's Nikkei eased 0.3 percent, and Hong Kong declined over half a percent. Stocks in Shanghai were trading over half a percent higher.

US Treasury yields jumped to their highest point in two years, topping 1.83 percent, indicating investors are preparing for the possibility of aggressive policy tightening by the Federal Reserve. Consequently, the European shares retreated with Germany's DAX slipping over 1.5 percent. Britain's FTSE was down nearly 1 percent and France's CAC had lost over 1 percent at the last count.

Nasdaq futures and S&P 500 futures were in the red too, with S&P 500 Futures declining over 1 percent and Nasdaq Futures slumping 1.75 percent.

Over in commodities, benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook.

Brent crude futures rose over 1 percent, to $87.50 a barrel and the US West Texas Intermediate (WTI) crude futures jumped over 1.5 percent to $85.18 a barrel.

Gold prices eased though, pressured by higher US Treasury yields, as investors looked for clues about the Federal Reserve's interest rate hike timeline from its policy meeting next week. Spot gold fell to $1,815.93 per ounce.

With inputs from Reuters

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(Edited by : Yashi Gupta)

First Published:Jan 18, 2022 3:45 PM IST