Investors decided to wait on the sidelines ahead of significant events anticipated later this week, such as the interim budget and the US Fed interest rate decision. Additionally, the drop in the equities of Bajaj Finance and Reliance Industries dragged the markets down.
The 30-share BSE Sensex fell 94.08 points to 71,847.49. The Nifty dropped 31.6 points to 21,706.
The top laggards were Bajaj Finance, Bajaj Finserv, Reliance Industries, UltraTech Cement, Titan, NTPC, and Larsen & Toubro.
Among the gainers were Hindustan Unilever, JSW Steel, Wipro, and Tata Motors.
In Asian markets, Seoul and Tokyo are trading in the green, while Shanghai and Hong Kong trading in the red.
On Monday, the US markets finished in green.
Brent crude gained 0.22 percent to USD 82.58 a barrel.
According to exchange data, Foreign Institutional Investors (FIIs) bought securities worth Rs 110.01 crore on Monday.
On Monday, the Sensex soared 1,240.90 points or 1.76 percent to 71,941.57, while the Nifty moved 385 points or 1.80 percent to 21,737.60.
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