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​​At the interbank foreign exchange market, the rupee opened at 76.34 against the American currency and settled at 76.51, down 22 paise from the previous close.

In the international market, gold was trading marginally higher at USD 1,979 per ounce and silver was flat at USD 25.91 per ounce.

​​ The Advisory Committee for Leveraging Regulatory and Technology Solutions (ALeRTS) will now be headed by Sunil Bajpai, former Principal Advisor (Information Technology) at the Telecom Regulatory Authority of India (TRAI), an update with Sebi showed on Tuesday.

Bank Nifty was outperforming during the first half of the session, however eventually it gave up early gains to settle below prior session’s low. Stability at current levels is important for any recovery to set in, an expert said.

The selloff that has eroded about Rs 3 lakh crore of investor money and has no sign of abating began a day after heavy buying in both counters just after the merger announcement. However, as the impact became clearer, investors started booking profits. Weak March quarter numbers of HDFC Bank added fuel to the fire. Both stocks now trade much lower than how they traded before the merger announcement.

Srivatsa, who has two decades of rich experience in the equity market, said the rising commodity prices may surely have some impact on Nifty50 earnings, as the index earnings are skewed towards consumption.

With inflation running around 40-year highs for some time now in the US, the Fed has already hiked its key benchmark rates by 25 basis points in March and speculation is strong that the central bank will follow it up with multiple 50-basis-point hikes starting as early as next month.

“Energy prices have gone up because of the Russia-Ukraine war and the shortage of supply. So one has to look at it from a very long-term perspective. We have plans to move away from coal over a period of time but this is not happening immediately. We have said we will become net zero by 2045. So we do have a very longish window during which we can exit out of the coal companies.”

BSE Sensex gyrated in the range of 1,450 points during the session, whereas Nifty 50 index settled below the 17,000 mark, its lowest levels since March 15. The 30-share pack Sensex tanked 703.59 points or 1.23 per cent to close at 56,463.15. Its broader peer NSE Nifty50 also tumbled 215 points or 1.25 per cent to end the session at 16,958.65.

“We expect this year to be a tale of two halves, where the first nine months would be quite volatile. In the medium term, we remain quite positive on the market but in the first six-nine months of the year, we are asking investors to take a more graded look and to invest more in tranches rather than in lumpsum.”