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Indian equity benchmarks NSE Nifty50 and BSE Sensex ended lower on Tuesday, after taking a breather from losing streak on Monday. The loses in realty shares led the headline indices lower. Bank of Japan’s surprise move to raise yield target triggered fall in global markets earlier in the session.

The Sensex fell 703.5 points to 61,102.7 before ending at 61,702.3. The Nifty50 moved within a range of 18,202.6-18,404.9 in intraday trade before ending 0.2 percent lower at 18,385.3. Broad indices mirrored the losses in the headline indices. Nifty Midcap 100 and the Nifty Smallcap 100 ended 0.2 percent lower and 0.4 percent lower respectively.

A total of 39 stocks in the Nifty50 basket finished in the red, with HDFC Bank, SBI Life, HUL, Bajaj Finance and Larsen and Toubro being the top laggards.

Varun Beverages, Godrej Properties, Power Finance, Jindal Steel and IDFC First Bank pulled the Nifty Midcap index lower.

On the other hand, Adani Enterprises, Reliance, TCS, ICICI Bank and Axis Bank were the top Nifty gainers.

"The Bank of Japan shocked global markets in a totally unexpected move by raising the upper band limit for the 10 year yield to 50 bps, which is seen as a step towards a hawkish policy shift. This has aggravated the sell-off in the global market, which was already risk-averse due to mounting recessionary fears following the Fed's comment. In this backdrop, the US GDP numbers expected on Thursday will provide a picture of the strength of the US economy," said Vinod Nair, Head of Research at Geojit Financial Services.

Nifty realty stocks were the biggest laggards and ended 1.2 percent lower. DLF, Godrej Properties and Brigade Ent pulled the sectoral index lower. IT stocks, snapped losing streak, and were the biggest gainers.

Overall market breadth favoured the bears at the close, as 1,672 stocks rose while 1,850 fell on BSE.

Rupee ended five paise lower from its previous close vs US dollar.

Global markets

European markets were trading lower on Monday as investors assessed the interest rate outlook for next year. Stoxx 600 index was last trading 0.5 percent lower.

S&P 500 futures were down 0.9 percent, suggesting a negative start ahead on Wall Street.

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