Extending losses for the third consecutive session, the domestic stock market closed with around one per cent cut on Tuesday, a day before RBI MPC policy outcome. The broader Nifty50 closed around 16,400, while the Sensex tanked by more than 550 points.

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The volatility in the market is forcing investors to stay sidelined ahead of the RBI’s policy announcement, said Vinod Nair, Head of Research at Geojit Financial Services. "Apart from the monetary measures, the RBI’s guidance on growth and inflation forecast will determine the market trend," added Nair.

Meanwhile, following benchmarks, Nifty midcap and small cap too ended lower by more than half per cent as profit booking continued ahead of the RBI announcements.  

Sectorally, Consumer Durables, IT, FMCG and Realty stocks declined the most, while banking and financial indices too were seen under pressure ahead of RBI MPC announcements on Wednesday. Nifty oil & gas and Nifty Auto were only gainers in an otherwise negative market.  

Among stocks, ONGC led the Nifty50 pack, while NTPC was top gainer on the BSE. Maruti Hero MotoCorp, Mahindra & Mahindra, Bharti Airte and Tata Motors provided some support to falling market, while Titan, UPL, Dr Reddy's, Hindustan Unilever and Asian Paints declined the most