Domestic indices gave up early gains to end lower, mirroring global market weakness. IT, pharmaceutical, and consumer goods sectors dragged Indian equity indices lower for the second straight session on Tuesday. 

As global equities have been under pressure, Indian markets have fallen around 5% this month. Investor confidence was harmed by the Russia-Ukraine conflict, the potential of aggressive interest rate hikes to combat rising inflation, and the supply chain crisis exacerbated by China's zero-Covid policy.

The 30-share BSE Sensex dropped 236 points, or 0.43 percent, to 54,053, while the wider NSE Nifty sank 90 points, or 0.55 percent, to 16,125.  Mid- and small-cap stocks finished down, with the Nifty Midcap 100 down 0.65% and small-cap down 1.26 percent.

The National Stock Exchange's 15 sector indices all finished in negative territory. Nifty IT, Nifty Pharma, and Nifty FMCG,  underperformed the platform by 1.88 percent, 1.53 percent, and 1.30 percent, respectively.

Divi's Labs was the worst performer on the Nifty, falling 6% to 3,663.90. The laggards included Tech Mahindra, Grasim Industries, Hindustan Unilever, and Hindalco.  TechM, HUL, HCL Tech, Asian Paints, NTPC, Infosys, Tata Steel, Axis Bank, and Bajaj Finserv were among the top losers on the 30-share BSE index.

On the other hand, Dr Reddy's, HDFC Housing, HDFC Bank, Kotak Mahindra Bank, PowerGrid, Nestle India, M&M, Reliance Industries, SBI, and Bajaj Finance all ended up in the green.

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