Mumbai: Benchmark indices Sensex and Nifty closed lower on Tuesday after a volatile session, marking the eighth consecutive session of southward movement due to relentless foreign fund outflows and caution ahead of the RBI’s interest rate decision.

Giving up early gains, the 30-share BSE Sensex declined 97.32 points or 0.12 per cent to settle at 80,267.62. During the day, it hit a high of 80,677.82 and a low of 80,201.15. In eight trading days, the Sensex has tanked 2,746.34 points or 3.30 per cent. The 50-share NSE Nifty fell by 23.80 points or 0.10 per cent to 24,611.10. Trading remained subdued on the monthly expiry day and markets moved in a narrow range.

Metal, auto and banking stocks, particularly PSU banks, advanced while realty and consumer durables shares faced selling pressure. Caution prevailed in the market ahead of the RBI’s interest rate decision on Wednesday, analysts said.

“The domestic market traded within a narrow range on the monthly expiry day, as investors exercised caution ahead of the RBI’s policy. The market made an attempt to stabilize after last week’s sustained decline,” Vinod Nair, Head of Research, Geojit Investments, said. Market participants are keenly awaiting the RBI’s commentary for insights into future interest rate trajectories, although a status quo on rates is widely expected, Nair added.

Among Sensex firms, ITC, Bharti Airtel, Trent, Bajaj Finserv, Titan and Reliance Industries were the major laggards. However, UltraTech Cement, Adani Ports, Tata Motors, Bharat Electronics, Bajaj Finance and Hindustan Unilever were among the major gainers.

In the broader market, shares of Man Industries (India) Ltd tanked 10.6 per cent after Sebi barred the company and its three senior executives from accessing the securities markets.