Markets pare gains; Sensex closes 230 points lower

New Delhi: Market pared gains and closed in the negative zone on Tuesday.

Led by the sudden sell-off in financial stocks at the fag-end of the session, the BSE index ended 261.84 points or 0.83 per cent lower at 31,453.51. On the other hand, the NSE Nifty fell 87.90 points or 0.95 per cent to close at 9,205.60.

State Bank of India (SBI) was the top laggard in the Sensex pack, shedding over 4 per cent, followed by Bajaj Finance, Asian Paints, Axis Bank, Kotak Bank and ICICI Bank.

On the other hand, M&M, PowerGrid, ONGC and Reliance Industries were among the major gainers.

On Monday, Sensex tanked 2002.27 points or 5.94 percent to 31,715.35 while the NSE Nifty crashed 566.40 points or 5.74 percent to 9,293.50.

The bloodbath in the market were impacted by the round three of the nation-wide lockdown to contain the COVID-19 Pandemic. India has been on lockdown since May 24 to fight the COVID-19 pandemic. The government last week extended the nationwide lockdown till May 17.