The key equity indices ended a volatile session near the flat line on Tuesday. The Nifty settled above the 19,650 mark after hitting day's low of 19,615.95 in mid-afternoon trade.

The barometer index, the S&P BSE Sensex declined 29.07 points or 0.04% to 66,355.71. The Nifty 50 index added 8.25 points or 0.04% to 19,680.60.

In the broader market, the S&P BSE Mid-Cap index advanced 0.39% while the S&P BSE Small-Cap index gained 0.31%. The market breadth was negative.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 12.10% to 10.24.

Among the sectoral indices, the S&P BSE Utilities index (up 3.36%), the S&P BSE Metal index (up 2.88%) and the S&P BSE Power index (up 2.69%) outperformed the benchmark Sensex. The S&P BSE FMCG index (down 0.75%), the S&P BSE Capital Goods index (down 0.64%) and the S&P BSE Realty index (down 0.4%) underperformed the benchmark Sensex.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.38% to 7.098 from its previous close of 7.071.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.8800, compared with its close of 81.8100 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement rose 0.11% to Rs 59,141.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 101.30.

The United States 10-year bond yield rose 1.01% to 3.896.

In the commodities market, Brent crude for September 2023 settlement rose 10 cents or 0.12% to $82.84 a barrel.

Global Markets:

European and Asian stocks advanced on Tuesday as markets awaited more cues from a Federal Reserve meeting this week, while Chinese markets rose sharply after top officials promised more policies to support growth.

China's Politburo- the top decision-making body of the Communist Party- promised more policy measures to support slowing economic growth in the coming months. Measures will be aimed at the country's biggest growth engines- real estate and private consumption, both of which have deteriorated substantially over the past three years.

South Korea's gross domestic product grew 0.9% year-on-year in the second quarter of 2023, according to advance estimates. This was unchanged from the 0.9% seen in the first quarter.

Global central bank meetings will be in focus. Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve on Wednesday and European Central Bank on Thursday. Meanwhile, the Bank of Japan on Friday is likely to keep its super-loose policy intact. Investors are waiting for Chair Jerome Powell's statements on his outlook for the economy as it tackles inflation.

US stocks settled higher on Monday as investors bet on sectors beyond technology in a week filled with earnings reports and a Federal Reserve meeting.

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