Equity benchmark indices erased morning gains and turned red in the afternoon session on Tuesday amid worries over US-China trade talks that could be derailed.
All sectoral indices except IT were in the negative zone at National Stock Exchange following cues from Asian markets.
The S & P BSE Sensex shed 324 points to close at 38,277 while the Nifty 50 was down 100 points to 11,498.
Nifty Media index declined 2.7 per cent amid heavy selling pressure while Nifty PSU Bank was down 2.2 per cent.
Among stocks, Zee Entertainment fell over 6 per cent. Bharat Petroleum, Tata Motors and Bharti Airtel slipped over 2 per cent while heavyweight Reliance Industries was down 1.75 per cent.
Those which gained were Hindalco, Hindustan Lever, Power Grid, Bharti Infratel and Titan.
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Jewellery stocks including Tribhovandas, Rajesh Exports and PC Jeweller also traded higher as many Indians believe that buying gold or jewellery on the day of Akshaya Tritiya is auspicious.
Meanwhile, Asian shares remained fragile after US President Donald Trump's latest threat to raise tariffs on Chinese goods shocked financial markets and fueled worries that trade talks may be derailed.
US Trade Representative Robert Lighthizer has said he expected top Chinese negotiator Vice Premier Liu He will lead a delegation coming from Beijing for talks in Washington on Thursday and Friday.
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