The Indian market on Monday recovered from the day's lows but closed deep in the red, in line with the weak global market sentiment.

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The Sensex closed 159 points down at 35,264, with HDFC Bank, Reliance and Lupin at the bottom of the index. The Nifty 50 Index slipped 57 points to close at 10,657, below its 50-day moving average of 10,692 points.

The benchmark 50-stock index hit an intra-day low of 10,605 points and a high of 10,736 points. Financials were top losers, led by the HDFC twins.

Here's what you should know before the opening bell

Oil prices climbed on Tuesday after Libya declared force majeure on significant amounts of its supply, but rising overall output from OPEC as well as in the United States was dragging on markets. Brent crude oil futures were at $78.06 per barrel at 0112 GMT, up 76 cents, or 1 percent, from their last close. US West Texas Intermediate (WTI) crude futures were up 75 cents, or 1 percent, at $74.69.

The US dollar ended cheaper against the rupee at Rs 68.79 per dollar and the pound sterling finished higher at Rs 90.08 at the close of the Interbank Foreign Exchange (forex) market.

Interim finance minister Piyush Goyal on Monday said the government would follow the Sunil Mehta led panel's suggestions of a five-pronged strategy to tackle non-performing assets (NPA).

The growth of India's eight core industries slowed to 3.6% for the month of May, down from 4.7% in April. Cumulative growth for the period ended March 2018 was 4.1%.

HDFC Asset Management Company Limited (HDFC AMC) will launch its Rs 3,000 crore IPO in the second week of July, sources told Mint.

Bharat Hotels, which runs five-star properties under 'The LaLiT' brand, has filed a draft prospectus with capital markets regulator to garner Rs 1,200 crore through its initial share sale.

Manufacturing activity took a hit in June across Europe and Asia, with exporters losing momentum even before promised trade tariffs kick in, underscoring worries the US administration's protectionist policies could derail global growth.

The dollar held firm on Tuesday, as political uncertainty in Germany weighed on the euro after German Chancellor Angela Merkel's interior minister offered to quit in an escalating row with a key coalition partner over migration policy.