At the interbank foreign exchange market, the Indian rupee opened at 74.60 against the greenback and witnessed an intra-day high of 74.57 and a low of 74.80 during the session. The rupee finally settled at 74.76, down by 16 paise over its previous close of 74.60.

The Department of Investment and Public Asset Management (DIPAM) said recently stated that the plan for the proposed LIC IPO in the fourth quarter of this fiscal year is on track.

The company had filed its draft red herring prospectus in September last year with the Securities Exchange Board of India (SEBI) to raise Rs 8,430 crore. The issue would consist of a fresh issue of Rs 7,000 crore and an offer-for-sale (OFS) of Rs 1,430 crore.

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 made a comeback on Tuesday, snapping five days of losses, between gains and losses amid a volatile session on Tuesday. Gains in financial, auto, metal and FMCG stocks aided the recovery in the headline indices. Broader markets also strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising around one percent each. Investors awaited more financial results from India Inc and the outcome of a scheduled policy meeting of the Federal Reserve for cues. The Indian market will remain closed on Wednesday for Republic Day.