The BSE Sensex ended almost flat, while the 50-unit Nifty ended with minor gains after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, rose 7.09 points or 0.01% to 49,751.41. The Nifty 50 index added 32.10 points or 0.22% to 14,707.80.

Bargain hunting emerged after recent steep losses. In the previous five sessions, the Sensex fell 4.62% and the Nifty corrected 4.17%.

The market breadth was positive. The BSE Mid-Cap index rose 0.98% and the BSE Small-Cap index gained 0.74%.

Among the sectoral indices on the BSE, the S&P BSE Metal index (up 3.71%), the S&P BSE Realty index (up 2.89%) and the S&P BSE Basic Materials index (up 2.16%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Bankex (down 0.54%), the S&P BSE Finance index (down 0.30%) and the S&P BSE Telecom index (down 0.20%) underperformed the S&P BSE Sensex.

The Nifty Bank index declined 0.40 to 35,116.95 on Tuesday. It has fallen 5.87% in six consecutive sessions.

COVID-19:

Total COVID-19 confirmed cases worldwide stood at 11,17,25,784 with 24,74,350 deaths. India reported 1,47,306 active cases of COVID-19 infection and 1,56,463 deaths while 1,07,12,665 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.172% as compared with 6.202% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.46, compared with its close of 72.49 during the previous trading session.

In the commodities market, Brent crude for April 2021 settlement rose 55 cents at $65.79 a barrel. The contract rose $2.33, or 3.70% to settle at $65.24 a barrel in the previous trading session.

Foreign Markets:

European stocks declined across the board while most Asian shares advanced on Tuesday. Markets in Japan are shut today for a holiday.

Policy makers are reportedly becoming concerned about the rapid rise in bond yields. European Central Bank President Christine Lagarde has reportedly said that her institution is "closely monitoring" the market for government bonds.

In US, the S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.

The U.S. House of Representatives Budget Committee on Monday approved legislation with $1.9 trillion in new coronavirus relief, advancing a top priority of President Joe Biden toward a full House vote on passage expected later this week.

All eyes will be on Federal Reserve Chairman Jerome Powell, who delivers his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday. His comments on rates and inflation could determine the market direction for the week.

On the pandemic front, the White House said that it expects to ship out millions of delayed coronavirus vaccine doses this week after a sweeping winter storm disrupted logistics.