Indian benchmark equity indices, the S&P BSE Sensex and NSE's Nifty50, scaled back from record highs in the afternoon session on the back of selling in stocks such as Tata Motors and Tata Steel.

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At 12:52 PM, the Sensex was down 62.05 points or 0.16 percent, at 39,290.62, while Nifty50 was down 30 points or 0.25 percent at 11,798.25.

Nifty FMCG was the best performing sector followed by Nifty Realty, Nifty Pharma while Nifty Media declined the most along with Nifty metal, Nifty auto, Nifty Bank and few others.

Bharti Infratel, Dr Reddy's Laboratories, Reliance Industries, Britannia and Titan were among the major gainers on the Nifty50, whereas Tata Motors, BPCL, Zee Entertainment, Adani Ports and Indian Oil Corporation led losses.

Shares of Tata Motors dropped as much as 6 percent on Tuesday after the automaker's fourth-quarter profit nearly halved as it kept struggling to sell its luxury Jaguar Land Rover (JLR) cars.

Bharat Forge shares fell over 4 percent after the company has given a low outlook, single-digit revenue growth for FY20. Global brokerages such as Nomura, Credit Suisse, and Citi have also reduced the stock's target price for the 12-month period.

Meanwhile, Asian shares wobbled near four-month lows on Tuesday on mounting worries the White House’s black-listing of Chinese telecom giant Huawei Technologies could further inflame already tense relations between the Washington and Beijing.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.20 percent.

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