At 13:30 IST, the barometer index, the S&P BSE Sensex, was slipped 665.45 points or 0.91% to 72,734.33. The Nifty 50 index declined 176.20 points or 0.79% to 22,096.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.01% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was positive. On the BSE, 2,124 shares rose and 1,607 shares fell. A total of 130 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Gainers & Losers:

Eicher Motors (up 3.16%), Divi's Laboratories (up 1.70%), Oil & Natural Gas Corporation (up 1.63%), Titan Company (up 0.98%) and Hindustan Unilever (up 0.66%) were major Nifty gainers.

Infosys (down 3.05%), Indusind Bank (down 2.72%), LTIMindtree (down 2.66%), Bajaj Finserv (down 2.27%) and HCL Technologies (down 2.19%) were major Nifty losers.

Stocks in Spotlight:

Jio Financial Services added 2% after the company announced the signing of an agreement with BlackRock Advisors Singapore, to form a 50:50 joint venture (JV) for setting up the wealth management and broking business.

Sterlite Technologies jumped 6% after the company announced that it has raised Rs 1000 crore through a qualified institutional placement (QIP) route.

Happy Forgings rallied 5.20% after the company announced that it has secured a major order from a leading global Tier 1 manufacturer of automobile driveline components and systems.

Caplin Point Laboratories advanced 1.31% after its subsidiary, Caplin Steriles received final approval from the US drug regulator for its abbreviated new drug application (ANDA) Ofloxacin Ophthalmic Solution.

Gujarat Gas (GGL) declined 2.54% while Indian Oil Corporation (IOCL) gained 1.02%. GGL and IOCL have entered into a non-binding memorandum of understanding (MoU) to expand the scope and accessibility of energy solutions for consumers.

Global Markets:

European and Asian stocks declined on Tuesday, in the shadow of Middle East tensions.

China?s economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. It also accelerated from the 5.2% growth in the previous three months. China has set an annual growth target of around 5% for 2024.

US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings and hot retail sales data.

Retail sales in the United States grew more than anticipated last month. US retail sales picked up by 0.7% in March to $709.6 billion, after February's increase was revised to 0.9%, said the Commerce Department.

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