The Indian market closed the first session of the week in the red, with market breadth firmly in favour of declines.

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The Sensex, closed 219 points lower at 35,470, with ICICI Bank, L&T being the worst performers, while the Nifty fell 59 points to 10,762.

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Oil prices rose on Tuesday on uncertainty over Libyan oil exports, although plans by OPEC to raise output continued to drag. Brent crude futures were at $74.95 per barrel up 22 cents, or 0.3 percent from their last close. US West Texas Intermediate (WTI) crude futures were at $68.33 a barrel, up 25 cents, or 0.4 percent.

BSE and NSE have put in place a new framework to shortlist and review stocks under enhanced surveillance measures. Under the new guidelines, public sector enterprises and public sector banks will be excluded from the process of shortlisting of securities under additional surveillance measures (ASM), the exchanges said in separate circulars.

As many as 1,690 entities, including individuals, failed to pay penalties imposed by Sebi till the end of May, according to the regulator. The list of defaulters as on May 31, 2018, "for non-payment of penalty imposed by Sebi through orders passed up to December 31, 2017," has been published by the regulator on its website.

To avoid unnecessary litigation, the government directed central PSUs to challenge only those cases where policies and larger legal issues are involved, instead of routinely filing writ petitions in various high courts against the disputes referred to industrial tribunals for adjudication. Chief labour commissioner Jitendra Kumar Sagar in the Ministry of Labour had brought the matter to the notice of the secretary in the Ministry of Heavy Industries and Public Enterprises A R Sihag in April this year.

India is in talks with some UAE-based companies to jointly bid for oil blocks in UAE, India's oil minister said on Monday.

The rupee weakened by 29 paise to 68.13 against the dollar in early trade on Monday as demand for the American unit from importers and banks picked up.

The second tranche of Bharat-22 Exchange Traded Fund (ETF) saw bids worth Rs 15,436 crore from investors, which is more than twice the amount sought to be raised.

India and Australia agreed on a high quality and balanced free trade agreement between the two nations, the commerce ministry said. The negotiation for the pact, officially dubbed as Comprehensive Economic Cooperation Agreement (CECA) between India and Australia, was started in 2011 to provide fillip to trade and investments between the countries.

The Centre has simplified the approval process for enhanced borrowing limits of state governments, CNBC-TV18 reported. As per the new system, applicable from current fiscal itself, instead of clubbing the proposals for receiving the centre's nod on enhanced borrowing limits by states, the centre will now clear the proposals independently and individually.