The 30-share pack Sensex declined 68.62 points or 0.12 per cent to close at 57,232.06. Its broader peer NSE Nifty dropped 28.95 points or 0.17 per cent to 17,063.25.

“A resurgent Asia will contribute to a more equal world. This is a most welcome trend. The trend is also reinforced by the fact that India is likely to overtake Japan as Asia’s second largest economy and the world’s third largest economy by 2030. I am very confident that the India growth story will be as exciting if not more than that of China in the coming decades to come. It is India’s time.”

On Monday, after a hiatus of almost two years, the Reserve Bank of India announced a two-year sell/buy swap auction worth $5 billion to be conducted on March 8.

In global markets, gold prices slipped to USD 1,896 an ounce whereas silver was marginally up at USD 24.11 an ounce.

Yaari Digital and Orient bell zoomed 20 per cent each, followed by strong buying in Birla Cables and Bal Pharma. PNC rallied over order win. On the other hand, Dhanvarsha Finvest tumbled.

“From a two-three-year perspective, the outlook has improved from the investment cycle perspective but we need to get past this one year of “valuation adjustment” to higher interest rates. The volatile movements is part of the process and could continue for some more months. But the fundamentals of the economy have never looked better in terms of the investment cycle recovery which we are beginning to see, more so in the private capex side and the real estate side. ”

The Nifty Auto index closed 0.21 per cent down at 11318.7.

The rupee was quoted at 74.59 at 1530 hrs, registering a gain of 25 paise over its previous close. On Tuesday, the rupee depreciated by 29 paise to close at 74.84 against the US currency.

“For the second half of the year, if everything else is held the same, there will be more oil coming into the market, starting even as early as May. Without Russian oil interruptions, by the second half of the year we are looking at something around $80 of oil price. Overall, we are not in the $100-$150 range for the year but more like $75-$85 range if the fundamentals dictate.”

Before Sebi introduced the T+2 settlement system in April 2003, India followed the T+3 settlement system, meaning it took three days for shares and money to be credited to the account. Now, with the T+1 settlement system, you can expect credit of shares and money within 24 hours.