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U.S. gross domestic product is still expanding at a pace well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%, often referred to as the "potential" growth rate.

Stocks that were in focus included names like Eicher Motors, which fell 2.68%, Network 18, which rose 8.07%, and Escorts, whose shares declined 1.73% on Tuesday.

According to Ashwini Shami of OmniScience Capital, there are mispriced opportunities in the financial, infrastructure, and technology sectors that offer long-term growth potential. Shami also states that largecap stocks present great investment opportunities. Despite the recent strengthening of US treasury yields, Shami believes that the impact on equity markets is already factored in. He expects India Inc. to continue its fundamental growth in Q2, and does not anticipate the India-Canada standoff to have a significant impact on the economy or markets.

"Companies like Paisa Bazaar, Policy Bazaar, and Paytm will perform well due to their stable businesses. Bhasin advises investors to look at these stocks from their highs, as they have shown resilience. He also suggests considering Reliance and HDFC Bank due to their underperformance and attractive prices. In case od PSU stocks , CPSE ETF can provide adequate exposure to multiple stocks. Tube Investments, SRF, and REC, PFC, NTPC stocks are also potential investment options. "

There has been a secular improvement in the financials of rated companies for the third straight fiscal year, rating agencies said Tuesday after their debt-servicing assessment of borrowing corporates. Although the relative pace of upgrades has slowed, even the junk-bond category is witnessing upgrades, reducing the possibility of defaults.

The S&P 500 index closed at its lowest level since June 1 on Tuesday as economic data underscored the view the Federal Reserve may need to keep interest rates high.

Saudi Arabia is expected to raise its November official selling price of Arab Light crude to Asia for a fifth straight month, according to a Reuters survey.

Federal Reserve officials see rising yields on long-term U.S. Treasury debt as evidence their tight-money policies are working, but for now at least say they are not triggering alarm bells for the economy.