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The RBI has begun experiments on both the wholesale and retail versions of e-rupee using blockchain distributed-ledger technology, as an alternative to cash.

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"Gold price is trading slightly lower amid risk-off moods on recession fears, which was driving a move back to safe havens," said Dilip Parmar, Research Analyst at HDFC Securities.

Sensex ended 216 points lower while the Nifty ended below 18,600 mark.

Investors appear to be heeding the warnings. Following a two-month rally, the S&P 500 Index has fallen in all but one of the last eight sessions and dropped 1.4% on Tuesday. Equity strategists, historically the market’s biggest cheerleaders, are now predicting a down year in 2023. And the red flags are being waved in the wake of wage and services data that suggested inflationary forces still grip the economy.

The Nifty Realty index closed 1.19 per cent down at 457.9.

The stock quoted a 52-week high price of Rs 169.4 and a 52-week low of Rs 93.2.

A total of 3,732 shares changed hands on the counter till 01:50PM (IST).

The stock traded at a P/E multiple of 54.13, while the price-to-book value ratio stood at 12.22.

"A change in stance to dovish going forward by RBI will lead to rally in the banking segment while a prolonged hawkish stance will impact deposit rates and lead to narrowing NIMs, more so for PSBs," said Anil Rego, founder and fund manager at Right Horizons PMS.