Benchmark indices remained in consolidation mode on Tuesday after hitting record highs in the previous session.

The market gyrated between gains and losses during the session after a positive start.

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Sensex opened at 75,585.40, and finally closed with a loss of 220 points, or 0.29 per cent, at 75,170.45.

Nifty 50 opened 45 points higher at 22,977.15, and closed 44 points, or 0.19 per cent, lower at 22,888.15.

On the sectoral front, Oil & Gas, Capital Goods, Telecom, PSU Bank, Power and Realty were down 1-2 per cent . However, the pharma index was up 0.5 per cent .

Nifty Bank slipped 0.28 per cent while the Private Bank index dropped 0.31 per cent.

The gainers in the Nifty index were Divi’s Labs (3.05 per cent), SBI Life Insurance Company (2.96 per cent) and HDFC Life Insurance Company (2.44 per cent).

Shares of Adani Ports (2.17 per cent), Power Grid (1.64 per cent) and BPCL (1.59 per cent) ended as the top losers.

A volume spike of more than 1,100 per cent was seen in Nalco, India Cements and Bandhan Bank. A long build-up was seen in Glenmark Pharma, Divis Laboratories and Sun TV Network, while a short build-up was seen in Info Edge, SAIL and Bank of Baroda.

The BSE Midcap and Smallcap indices lost 0.63 per cent and 1.09 per cent respectively. The overall market capitalisation of the firms listed on the BSE dropped to nearly Rs 417 lakh crore from nearly Rs 420 lakh crore in the previous session.

The shares of defence and aerospace company Hindustan Aeronautics Limited (HAL) are likely to remain in focus among market investors.

Contract negotiations for the Rs 50,000 crore deal between the governments of India and France, involving 26 Rafale Marine fighter jets are set to commence on May 30 with the arrival of a high-level French delegation.

In the global market, the stocks edged higher as markets reopened in Europe and the US with traders looking to inflation prints and central bank speakers for hints on the timing of interest-rate cuts.

Europe’s Stoxx 600 was little changed, on track for a 3.5 per cent gain in May, while contracts on US shar