The Indian market remained volatile on Tuesday, reacting to the trends of assembly polls counting and the resignation of RBI governor Urjit Patel.

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In a recent newsbreak, Finance Secretary Ajay Narayan Jha said the government will make an announcement on the country's central bank on Tuesday, news company Cogencis reported.

In a surprising move, the Reserve Bank of India (RBI) governor Urjit Patel on Monday resigned with immediate effect. His three-year term was to end in September 2019. He is the first governor since 1992 to leave in around 2 years.

Patel's departure comes at a critical time for Indian investors, just before the crucial state elections outcome on Tuesday, in which the ruling Bharatiya Janata Party led by Narendra Modi is expected to lose ground.

At 12:23 PM, the BSE Sensex was losing 87 points, to trade at 34,878 points and the NSE Nifty fell 17 points, to trade at 10,472 points. The BSE Sensex, earlier, sunk 375 points, to open at 34,584 points and the NSE Nifty fell 142 points, to open at 10,345 points.

On the stocks front, Yes Bank continued to lead and was the top index gainer, gaining more than five percent. Sun Pharma, Asian Paints, Indiabulls Housing and Tech Mahindra were among the top Nifty gainers while OMCs, Tata Steel and HDFC Bank were the top Nifty losers.