The Nifty closed 207.05 points, or 0.95 per cent lower at 21,530.55 points, while the BSE Sensex ended Tuesday's trading session 760.07 points, or 1.06 per cent lower at 71,181.50 points.
Among the Sensex firms, Bajaj Finance fell by 5.03 per cent after its December quarter earnings failed to cheer investors. Titan, UltraTech Cement, Bajaj Finserv, Reliance Industries, ITC and NTPC were among the other major laggards. Tata Motors, State Bank of India, Hindustan Unilever, Power Grid, Tech Mahindra, and Tata Consultancy Services were the gainers.
China's stock market also experienced a decline despite regulatory efforts to boost confidence. The liquidation of property giant China Evergrande had a negative impact on Beijing's real estate market.
China's 10-year government bond yield reached its lowest point in over two decades as investors anticipated additional policy easing to support equity markets following Beijing's recent announcement of a cut to bank reserves.
Japan's Nikkei share average concluded higher, with chip-related shares tracking overnight gains on Wall Street. However, caution prevailed ahead of the Federal Reserve's decision.
In the US, stocks advanced on Monday as investors looked forward to megacap earnings, economic data, and the Fed's monetary policy meeting. The S&P 500 achieved another record closing high.
Currency-wise, the dollar remained relatively unchanged against the yen, while the euro and sterling also showed stability. Brent crude futures rose to $84.38 a barrel, marking an increase of 83 cents, and US West Texas Intermediate crude climbed 78 cents to $78.79 a barrel.
(With PTI Inputs)
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