Domestic stock, bond, commodity and forex markets will remain closed on Wednesday on account of Gandhi Jayanti.

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NSE

On Tuesday, Indian shares settled one percent lower on Tuesday dragged mainly by heavy selloffs in shares of banking stocks as investors fretted about the exposure of major banks to the troubled real estate sector, compounding worries about a slowdown in economic growth.

The market sentiment also remained cautious ahead of the RBI policy decision later this week. The Sensex ended 362 points lower at 38,305, while the broader Nifty50 index lost 115 points to end the day at 11,360.

A last-hour recovery did help stem the fall as Nifty gained 112 points and Sensex gained 376 points from lows. Intraday, the Sensex plunged as much as 737 points to 37,929.89 and the Nifty 50 slumped 226.55 points to a low of 11,247.90.

All sectoral indices ended in red for the day. BPCL, HDFC Bank, M&M, IOC, and Maruti were the top gainers on the Nifty50 index, while Yes Bank, Zee, SBI, IndusInd Bank, and Grasim led the losses.

On the global front, shares retreated to one-month lows on Wednesday after US manufacturing activity tumbled to more than a decade-low, sparking worries that the fallout from the US-China trade war is starting to spread to the US economy.

MSCI's gauge of stocks across the globe, covering 49 markets, stood near its lowest level since early September after shedding 0.83 percent in the previous session.

In Asia, MSCI's ex-Japan Asia-Pacific shares index dropped 0.32 percent, with Australian shares falling more than 1 percent. Japan's Nikkei slid 0.50 percent.

Adding to tensions in Asia, North Korea carried out at least one more projectile launch on Wednesday, a day after it announced it will hold working-level talks with the United States at the weekend.

On Wall Street, the S&P 500 lost 1.23 percent to hit four-week lows.