Stock Market LIVE Updates: Sensex slips 236 points, Nifty ends below 16,150; FMCG, IT stocks drag

The government on Tuesday exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean and sunflower oil, to ease domestic prices. The duty-free import of 20 lakh MT per year will be applicable for two FYs (2022-23, 2023-24) for crude soyabean oil and crude sunflower oil, the Finance Ministry said in a notification.

India has slashed domestic miners' coal supply targets to power plants for June by 11.1%, according to a power ministry letter seen by Reuters. The power ministry asked power plants which have not yet begun blending imported coal with local supplies to ship in 15% of their requirements until October, according to the letter dated May 24.

Credit card spending online was nearly Rs 30,000 crore more than the spending done through swipes at points of sale in March, indicating an increased preference among people for e-commerce purchases.

Capital markets regulator Sebi on Tuesday sent a notice to NSE's former chief Chitra Ramkrishna asking her to pay Rs 3.12 crore in a case related to governance lapses at the stock exchange, and warned of arrest and attachment of assets and bank accounts if she fails to make the payment within 15 days.

India's crude oil production fell 1 per cent in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday.

Airlines have been barred from selling unserviceable seats to passengers. The Directorate General of Civil Aviation (DGCA) on Tuesday warned of taking strict action against carriers if they are still found doing so.

The rupee slipped by 4 paise to close at 77.59 (provisional) against the US dollar on Tuesday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange market, the rupee opened lower at 77.56 against the greenback, and finally settled at 77.59, down 4 paise over its previous close.

India plans to restrict sugar exports for the first time in six years to prevent a surge in domestic prices, potentially capping this season's exports at 10 million tonnes, a government source told Reuters on Tuesday.

Equity indices failed to hold on to morning gains on Tuesday, with the sensex falling 236 points amid a sell-off in IT stocks and weak trends from global markets.

In the sensex pack, Tech Mahindra, Hindustan Unilever, HCL Technologies, Asian Paints, NTPC, Tata Steel, Infosys, Axis Bank and Bajaj Finserv were among the biggest laggards. In contrast, Dr Reddy's, HDFC, PowerGrid, Kotak Mahindra Bank, HDFC Bank and Nestle were among the major gainers.

Dr Reddy’s Labs, Kotak Mahindra Bank, HDFC, Power Grid Corp and HDFC Bank were among the top Nifty gainers. Losers included Divis Labs, Tech Mahindra, Grasim Industries, Hindalco Industries and Hindustan Unilever.

Sensex slips 236 points to end at 54,053; Nifty settles at 16,125

The board of directors of the state-owned Life Insurance Corporation of India (LIC) is scheduled to meet at the end of this month to declare the financial results for the fiscal year ended March 2022. The meeting will also consider payment of dividend, if any, LIC said.

While the world economy faces headwinds, current growth forecasts offer a buffer against a potential global recession, the International Monetary Fund's No. 2 official said Monday.

President Joe Biden and Indian Prime Minister Narendra Modi discussed efforts to combat the rise in energy and food prices caused by Russia’s invasion of Ukraine, according to the White House.

OYO's move to launch the IPO after the September quarter is mainly driven by the expectation of improvement in its financial performance and the current volatile nature of the market.

European stock markets slid at the start of trading Tuesday following losses in Asia on concerns over weak Chinese growth. London's benchmark FTSE 100 index dropped 1.0 percent to 7,442.20 points.

Tokyo stocks ended down on Tuesday as investors eyed the spread of Covid-19 in China, despite overnight rallies on Wall Street. The benchmark Nikkei 225 index ended down 0.94 percent, or 253.38 points, to 26,748.14 while the broader Topix index slipped 0.86 percent or 16.31 points to 1,878.26.