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The Nifty IT index closed 1.18 per cent down at 29740.35.

India Inc, Gulf backers rally behind issue, bonds rebound but jury is out on long term refinancing implications for the coal- to-hydrogen conglomerate.

Analysts have cut their palladium price forecasts and raised platinum price estimates as electric and hydrogen-powered vehicles disrupt the auto industry on which both metals rely for demand, a Reuters poll showed on Tuesday.

All eyes will be on a meeting on Wednesday of the Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, where producers are expected to endorse their current output targets agreed in November.

The dollar index, which measures the U.S. currency against six major peers, fell 0.029% to 102.060. It slipped 0.16% in the previous session, in part because of a report showing U.S. labour costs had increased in the fourth quarter at their slowest pace in a year.

Currency trade has been in a holding pattern ahead of the Fed and Bank of England and European Central Bank meetings that follow on Thursday. But the U.S. wages data wiped out some small dollar gains made earlier this week amid some nerves that the Fed sticks to its hawkish stance.

The banking regulator, on January 23, asked SBM Bank (India) to stop with immediate effect all transactions under the Liberalised Remittance Scheme (LRS) till further orders. "The bank has since initiated corrective actions and made submission for relaxation of the restrictions," the RBI said.

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But investors are also bearish on the U.S. economy and see the Fed as having to cut rates back to 4.48% by December. This is despite Fed officials stressing they will need to keep rates in restrictive territory for a period of time in order to bring down inflation

The shareholders said Musk saved more than $200 million by adding to his holdings - while quietly meeting with Twitter executives about his plans for the social media company - before finally revealing a 9.2% stake, cheating stock sellers and options traders out of the "true value" of their securities