MARKET CLOSING UPDATES: The key benchmark indices recovered losses in the second half of the trading day after a poor start, driven by fresh buying interest in IT, some auto, and banking sectors. In advance of its Q2 results later today, TCS in particular gained close to 2 percent. 

The BSE benchmark index end the day at 57,991, down by 200 points. The NSE Nifty 50 was also down 74 points at 17,241.

Among the Sensex's 30 stocks, Axis Bank rallied nearly 3 percent. Maruti, Tech Mahindra, Wipro and Infosys were the other prominent gainers. On the other hand, Asian Paints, Titan, and ITC all experienced declines of around 2 percent each. Other major losers included Reliance Industries, HDFC Bank, HDFC, Nestle India, and Kotak Bank.

The BSE Midcap and Smallcap indices were down more than 5 percent each in the larger markets. The BSE IT index was the only sector to see growth, rising by almost 1 percent. The Consumer Durables, Power, FMCG, and Capital Goods indices, on the other hand, had considerable declines.

The BSE Bankex made a strong comeback from the day's low of 43,990 to conclude the session down just 0.1 percent at 44,657.

Shipbuilding & associated services shares, among other industries, continued their current upward trend. On Monday, trade for Mazagon Dock Shipbuilders and Garden Reach Shipbuilders & Engineers reached new highs. 

With around 2,100 dropping equities and 1,460 gaining shares on the BSE, the breadth was largely negative.

RBI to pilot launch digital version of Indian currency soon

Asian stocks continue to decline as the threat of a recession grows

India will stand out with 7 pc growth rate in FY23