Benchmark indices extended their decline to the second straight session as tepid earning growth in the December quarter of FY20 (Q3FY20), and a cut of over one percentage point in India's FY20 gross domestic product growth forecast at 4.9 per cent by the International Monetary Fund kept investment activity in check.
The S&P BSE Sensex erased 205 points, or 0.49 per cent, to settle at 41,324 level. Tata Steel, Asian Paints, and Maruti Suzuki, down up to 3 per cent, were the top laggards at the index. On the other hand, UltraTech Cement, HDFC, and IndusInd Bank ended the day as top gainers. In the intra-day trade, the Sensex hit a low of 41,301.63.
On the NSE, the Nifty50 slipped below the psychological level of 12,200 to end at 12,169.65 level, down 55 points or 0.45 per cent.
Among stocks that saw sharp movements today, shares of Vodafone Idea surged 24 per cent to Rs 6.04 on the BSE today, extending its Monday's 8 per cent gain on the BSE, after the Supreme Court agreed to list next week the fresh pleas of telecom firms. Firms are seeking a fresh schedule of payment with respect to statutory dues under AGR. With the matter, now being sub judice, telcos will not have to make the payment on the previously set deadline of January 23. At close, the stock of Vodafone Idea was 22 per cent higher. Besides, shares of Bharti Airtel and Bharti Infratel settled 0.41 and 8.3 per cent, higher respectively.
Overall, the market breadth remained in favour of declines with every 1 and a half stock declining for every 1 stock that advanced at the BSE. The volatility index -- India VIX -- closed 3 per cent higher.
The broader markets, although in the red, outperformed the frontline indices. The S&P BSE mid-cap closed 0.25 per cent lower at 15,580.46 level, while the S&P BSE small-cap index settled unchanged at 14,651.78.
Big acquisition of the day:
Uber on Tuesday announced the sale of its food delivery business in India, Uber Eats, to Zomato in an all-stock deal. According to sources the deal value is around $300- 350 million. Consequently, Info Edge, which has a stake in Zomato, climbed as much as 3.36 per cent to hit a high of Rs 2,676 apiece on the BSE in the intra-day trade on Tuesday. Upon closing of the said deal, Info Edge's stake in Zomato will reduce to about 23 per cent on fully converted and diluted basis, it said in a regulatory filing.
Here's a look at the global markets:
Global shares, today, wiped out all gains made at the start of the week. MSCI’s All-Country World Index slipped 0.4 per cent, while Hong Kong's Hang sang fell 2.8 per cent.
Besides, Japan’s Nikkei lost 0.9 per cent and Shanghai blue chips 1.7 per cent. In Europe, the pan-European STOXX 600 dropped 0.7 per cent with all major sub-sectors in negative territory.
In the commodities market, oil prices fell nearly 1 per cent s investors expected Libya’s oil production to eventually resume. Brent crude was down nearly 0.9 per cent at $64.64 per barrel, after rising to its highest in more than a week on Monday
 "Market Wrap, Jan 21: Nifty holds 12,150; small-caps outperform; autos slide")
