Indices trade in the red amid volatility; IT, metal, pharma top drag
Pharma, metal and information technology indices down 1 percent, while PSU bank index up 1.5 percent.
Nifty PSU Banks has soared over 65 percent in the current calendar year and has outshined the broader market. The performance has been backed by strong credit growth in the space and kept its momentum despite a few hiccups in the broader space.
Oil rises on China optimism after steep drop, but Fed fears persist
Oil prices rose on Tuesday as sharp losses in the prior session invited some bargain buying and as markets bet on a recovery in Chinese demand, although concerns over rising U.S. interest rates kept investors on edge.
Crude markets were hit with renewed selling pressure on Monday after stronger-than-expected U.S. economic data ramped up fears of persistent inflationary pressures, which could keep interest rates elevated for longer than expected. This boosted the dollar and weighed on oil prices.