Indian market benchmarks gave up initial gains in a tumultuous session on Tuesday — extending losses to a second straight day — amid selling pressure in banking, IT, healthcare and consumer durable firms. Global investors were cautious after this week’s scorching inflation estimate from the largest economy in the world crushed early hopes that the Fed would be more careful in its rate hikes.

The Sensex fluctuated between 59,865.8 and 60,676.1 points throughout the day, more than 800 points. The closing price was 742.1 points lower than the day’s peak. The Nifty50 generally fluctuated between Rs17,850 and Rs18,100 before closing at Rs17,877.4.

The day ended with 39 stocks below the flatline. Cipla, Hero MotoCorp, Infosys, and Hindalco. The other blue-chip stocks that increased the most were Hero MotoCorp, Bajaj Auto, Tata Steel, Divi’s, and Bajaj Finserv, which decreased by about two per cent daily.

On the other hand, the top gainers were Maruti Suzuki, Eicher, Adani Ports, PowerGrid, NTPC, Grasim, and Coal India, which saw gains of between 1.3 per cent and 2.8 per cent.

In the second half of the day, the majority of spaces gave in to negative territory. The Nifty Auto index had the biggest rise, rising 0.7 per cent at the close, driven by Maruti Suzuki and Eicher Motors.