The market continued to be under pressure with the Sensex falling 66.91 points to 25263.58. The Nifty declined 14 points to 7700.90 while the BSE Midcap remained flat.
The market breadth was positive as about 1009 BSE shares advanced against 705 declining shares.
Hindalco Industries topped buying list on Sensex, up more than 3 percent followed by Bharti Airtel and Hero Motocorp with more than a percent gain while Reliance Industries, HDFC, HDFC Bank, ICICI Bank and Lupin declined 0.6-1 percent.
Reserve Bank is likely to go for a 50 basis points rate cut next fiscal year and out of this 25 bps cut may be affected in the policy review meet next month amid slackening economic recovery, says a report.
Mahindra & Mahindra group announced its entry in the branded dairy products business on Tuesday. Shares of M&M are down by almost 1%.
FMCG majors ITC and Hindustan Unilever have extended losses on profit taking after they gained in the previous session on hopes that the release of salaries and pensions to government employees under the seventh pay commission would boost consumption. Further, ITC has hiked prices of pack of 10 cigarettes by about 31%.
On the gaining side, Bharti Airtel, Adani Ports, Tata Steel, Hero Moto and GAIL are up 0.4%-1%.
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