Indian shares ended lower on Tuesday, snapping three sessions of gains, with lenders such as ICICI Bank Ltd and State Bank of India weighing on the indexes. The broader NSE index closed 0.52 percent lower at 10,633.30 while the benchmark BSE index was down 0.61 percent at 34,949.24.
Nifty bank index ended 1.4 percent lower and the Nifty PSU bank index dropped 2.95 percent. ICICI Bank closed 3.1 percent lower while State Bank of India fell 2.9 percent.
"It's the continuation of Monday's rally," said Hitesh Agarwal, EVP and head - retail research, Religare Broking. "Correction in oil prices in the past couple of days have been a sentiment booster. However, it still remains a concern, hovering around $75 a barrel, as fuel prices are already very high," he said, adding that corporate earnings had been pretty good so far.
Shares of Larsen & Toubro rose as much as 3.5 percent to their highest since February 2, after the industrial group posted a 4.7 percent rise in quarterly net profit on Monday.
Shares of oil and gas companies extended their rally, with the Nifty Energy index rising for a third session in a row.
Oil prices remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.
Indian Oil Corp gained 1.9 percent, while Oil India Ltd climbed 3.5 percent.
Among losers, Vedanta Ltd plunged to its lowest since June 2017 after the southern state of Tamil Nadu ordered the permanent closure of a copper smelter run by its London-listed parent Vedanta Resources. Aurobindo Pharma Ltd posted its sharpest intraday drop since November 2017, after the drugmaker reported March-quarter results below market expectations.
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