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Much will depend on what U.S. consumer price figures reveal on Tuesday, with an obvious risk that a high reading will pile pressure on the Fed to hike aggressively even with the financial system under strain.

Falling for the third straight session, Sensex tanked nearly 900 points to close below the 59,000 mark on Monday due to a massive sell-off in banking, finance and auto stocks following the Silicon Valley Bank mess-up last week.

Nifty is now trading below all its important averages, and the slope of the average has tilted lower. Prices on the daily chart are trading within the falling channel pattern and have to find the overhead resistance near the upper band of the pattern, chart readers said.

The Fed announced it would make additional funding available through a new Bank Term Funding Program, which would offer loans up to one year to depository institutions, backed by Treasuries and other assets these institutions hold.

The Nifty Realty index closed 1.98 per cent down at 390.25.

In the overseas markets, both gold and silver were trading higher at USD 1,875 per ounce and USD 20.75 per ounce, respectively.

Vinod Nair, Head of Research at Geojit Financial Services, said: bloodbath was seen in the global market as the fallout of Silicon Valley Bank was followed by turmoil at Signature Bank, keeping investors worried about the strength of the US banking system.

The company has paid out a dividend of Rs 6 per share in the last 12 months, which results in a dividend yield of Rs 5.4% if we consider the current share price levels. Adjusting for the bonus and splits, the dividend yield is 3.6%.

"The market is in a decline and multiple sectors are breaking down. Reliance, banks, and IT are leading the way down. IT is on tenterhooks and Nifty IT cannot afford to go much below where it is right now. Multiple sectors are breaking down at this point. If we have a close at these levels, Reliance, banks, and IT could be leading the way down. Investors should cut out of all long positions, take a hit, and get out."

The top multi-cap, smallcap, midcap, and thematic funds of Saurabh Mukherjea’s Marcellus Investments gave negative returns of up to 4.6% in February, data collated by PMSBazaar showed.