Indian equity indexes on Tuesday fell strongly for the third straight day, led down by losses in consumer and technology stocks.

The domestic indexes have been turbulent in recent weeks, owing to concerns about rising inflation and the Reserve Bank of India's (RBI) predicted interest rate hike at its policy meeting on June 8. After an unplanned boost in May, the Reserve Bank is anticipated to raise the benchmark lending rate once more. Investors are also looking forward to U.S. inflation statistics and European rate decisions.

The 30-share BSE Sensex sank 568 points, or 1.02 percent, to 55,107, while the broader NSE Nifty fell 153 points, or 0.92 percent, to 16,416. Mid- and small-cap stocks finished lower, with the Nifty Midcap 100 down 0.67 percent and the small-cap index up 0.59 percent.

The NSE's 15 sector gauges all ended the day in the red. The Nifty Consumer Durables, Nifty FMCG, and Nifty IT sub-indices all underperformed the platform, sliding 2.26 percent, 1.54 percent, and 1.57 percent, respectively. Titan was the worst performer on the Nifty, falling 4.48 percent to Rs. 2,100.05. Among the laggards were UPL, Dr. Reddy's, Britannia, and L&T.

Titan, Dr Reddy's, L&T, Hindustan Unilever, Asian Paints, Bajaj Finance, TCS, Nestle India, Bajaj Finserv, Sun Pharma, ICICI Bank, and Infosys were among the worst performers on the 30-share BSE index. On the other hand, NTPC, Maruti, M&M, and Bharti Airtel, all finished in the green.

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