Indian equity indices extended losses in the afternoon session on Tuesday, dragged by the heavyweights such as HDFC twins, Infosys and ITC.

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The BSE Sensex was trading at 37,414.04, lower by 167.87 points or 0.45 percent. The Nifty50 was at 11,063.35, lower by 46.30 points or 0.42 percent.

All sectoral indices on the NSE traded in the red except Nifty Media, which was higher by 0.16 percent. The worst performing index was Nifty Auto followed by Nifty FMCG and Nifty PSU Bank.

Reliance Industries, Indiabulls Housing Finance, GAIL, Sun Pharma and Titan were the top-gainers while YES Bank, M&M, Bharti Airtel, Grasim and Tech Mahindra remained the top laggards.

Shares of Reliance Industries (RIL) rallied 12 percent, the biggest one day gain in 10 years, following big bang announcements by chairman Mukesh Ambani at its 42nd annual general meeting (AGM) held on August 12. RIL's stock price gained as much as 12.1 percent to Rs 1,302.50 per share on the BSE.

Indiabulls Housing Finance shares jumped 13.99 percent after it received a public apology from law firm Managium Juris LLP for filing a petition against the housing finance company with false and sensational allegations related to the merger with Lakshmi Vilas Bank.

Shares of Godfrey Phillips were locked in the upper circuit on Tuesday after the cigarette maker posted a two-fold jump in its June-quarter profit.

Meanwhile, Asian shares slumped on Tuesday as fears about a drawn-out Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours like bonds, gold, and the yen.

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