Benchmark indices almost entirely recouped morning losses, with the Sensex and Nifty both trading flat.
All indices were in the red, except Nifty IT, Auto, and Pharma.
PSU Banks were under heavy selling pressure with the index shedding 2.5% in afternoon trade. The biggest losers on the index were IDBI Bank (-5%), Bank of Baroda, and Bank of India (-3.5% each).
Metal stocks also cracked with NMDC plunging 10%, while Hindustan Copper followed, shedding 4%.
The IT index was up 1.4% led by HCL Tech (+2.3%) and Infosys (+1.9%).
Maruti Suzuki, HCL, and M&M were the top gainers, while Yes Bank, Indiabulls Housing, and Britannia were the top losers on the Nifty50.
A total of 555 stocks advanced, 1,180 stocks declined, and 374 remained unchanged on the NSE.
Meanwhile, oil remained steady as trade tensions eased.
The PBOC set the new lending reference rate slightly lower on Tuesday after the central bank announced interest rate reforms to reduce corporate borrowing costs.
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