The benchmark stock indices wiped out positive starts to close lower on Tuesday amid some late session selling pressure. The 30-share BSE Sensex index shed 188 points, or 0.25%, to close at 74,482.78 after surging over 440 points earlier in the day. The broader 50-share NSE Nifty index also fell 39 points, ending at 22,605.
Both indices kicked off the day's trade on a strong footing tracking firm global cues. The Sensex had jumped to an intraday high of 75,111 while the Nifty hit a record peak of 22,783. However, selling activities in the last hour of trade erased the gains.
Tech stocks such as Tech Mahindra and HCL Technologies pulled the markets lower. Other major drags included Tata Steel, JSW Steel, Tata Consultancy Services and Kotak Mahindra Bank. In the other hand, Mahindra & Mahindra, Power Grid and IndusInd Bank managed to finish in the green.
Most other Asian markets ended Tuesday's session on a positive note but Shanghai Composite index closed marginally lower. European markets were mostly trading with losses at the time of writing.
Crude oil prices rose slightly on hopes of improved demand outlook. Foreign institutional investors turned net buyers on Monday after continuing sales in the past. Domestic bourses will remain shut on Wednesday for a local holiday.
