Sensex Loses Nearly 500 Points; Nifty Closes Below 16,500 On Losses In IT Stocks — Market Wrap

India's stock benchmarks declined 1%, extending losses for the second session, ahead of the U.S. Federal Reserve's decision on rates.

The Sensex closed 500 points (0.90%) lower at 55,268.49, while the Nifty 50 lost 150 points to end at 16,483.85 on Tuesday.

The decline was led by information technology stocks. New-age companies such as Paytm (One 97 Communications Ltd.) and Zomato Ltd., too, declined, mirroring the global peers.

Of the Nifty 50 constituents, 13 stocks rose, while 37 fell at close on Tuesday.

Bajaj Finserv Ltd. and JSW Steel Ltd. were among the top gainers on Nifty 50.

Infosys Ltd. led the losses in IT stocks. It was also the top laggard on the 50-stock gauge, followed by Hindustan Unilever Ltd. and Axis Bank Ltd.

The broader indices underperformed their larger peers, with both the mid-cap and small-cap indices losing 1.2%.

All the 19 sectoral indices compiled by the BSE fell, with IT shedding nearly 3%—the most.

The market breadth was skewed in favour of the bears. About 1,159 stocks rose, 2,169 fell and 139 remained unchanged.