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Indian equity benchmarks halted a seven-session-long winning run on Tuesday, retreating from one-month closing highs clocked in a special, one-hour session on Diwali. Gains in IT, pharma and PSU banking stocks helped the headline indices avoid sharper cuts, against losses in the rest of the financial pack along with FMCG shares.

Globally, investors remained on the back foot amid fears of at least a mild recession on account of rapid hikes in pandemic-era interest rates to tame red-hot inflation.

The Sensex gyrated within a range of almost 600 points during the first full session of Samvat 2079, finishing close to the 59,500 level in a sharp U-turn after testing the 60,000 mark. The Nifty50 broadly moved within a 17,600-17,850 band before settling at 17,656.4 for the day.

A total of 32 stocks in the Nifty50 basket finished the day lower. Nestle, Britannia, Bajaj Finserv, Hindustan Unilever and Kotak Mahindra Bank were the top laggards.

UPL, HDFC, Bajaj Finance, ONGC and Reliance — declining around 1.5-2 percent each — were some of the other blue-chip stocks that fell the most.

The HDFC twins, Reliance, Kotak Mahindra Bank and HUL were the biggest contributors to the fall in both main gauges.

On the other hand, Tech Mahindra, Maruti Suzuki, JSW Steel, Larsen & Toubro and Eicher were the top gainers, besides Dr Reddy's, NTPC and SBI — which rose more than one percent each.

Financial stocks were a mixed bag, with PSU banking names clocking sharp gains but their private counterparts facing selling pressure.

"Investor attention has shifted to central bank policy announcements since the European Central Bank is expected to hike interest rates at its upcoming policy meeting. The impending US GDP data will offer additional clarity to whether the Fed will temper its aggression in regard to rate hikes," said Vinod Nair, Head of Research at Geojit Financial Services.

Overall market breadth favoured the bears, as 1,442 stocks rose and 1,977 fell at the close on BSE.

The rupee finished the volatile day lower at 82.73 against the US dollar.

Global markets

European stocks began the day in the green, shrugging off largely weak moves across Asia amid concerns about China's economy. The pan-European Stoxx 600 index rose as much as half a percent in early hours.

S&P 500 futures were up 0.3 percent at the last count, suggesting a higher opening ahead on Wall Street.

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