Sensex declines over 388 points; Nifty tests 17,500 on weak global cues

Market will continue to be choppy in the near-term, pulled up and down by positive and negative news, says expert

BSE benchmark Sensex plummeted over 388 points to close at 58,576.37 on Tuesday, tracking weakness in index majors Wipro, RIL and Bharti Airtel amid a weak trend in global markets.

Investors also remained cautious ahead of crucial macroeconomic data announcements -- industrial production for February and inflation rate for March -- post trading hours.

The Sensex declined 388.20 points or 0.66% to settle at 58,576.37. During the day, the benchmark tanked 666 points or 1.12% to 58,298.57.

The Nifty went lower by 144.65 points or 0.82% to finish at 17,530.30.

From the 30-share pack, Tata Steel, Wipro, Tech Mahindra, Bharti Airtel, Reliance Industries, Larsen & Toubro and Bajaj Finserv were among the major laggards.

In contrast, Axis Bank, Kotak Mahindra Bank, Power Grid, Maruti Suzuki, and ICICI Bank were among the gainers.