Equity benchmark indices on Tuesday gave up their initial gains to trade lower.

After a positive beginning, the 30-share BSE Sensex climbed 158.85 points to 61,783 in early trade. The broader NSE Nifty had advanced 49 points to 18,378.15.

However, both the benchmark indices later turned choppy and were trading lower.

The BSE benchmark quoted 166.7 points lower at 61,457.45 and the Nifty traded 37.10 points down at 18,292.05.

From the Sensex pack, UltraTech Cement, ICICI Bank, NTPC, IndusInd Bank, Bharti Airtel and Mahindra & Mahindra were the major winners in early deals.

ITC, Tata Consultancy Services, Tech Mahindra, Sun Pharma and HDFC were among the laggards.

Elsewhere in Asia, markets in Tokyo, Shanghai and Hong Kong were quoting higher, while Seoul traded lower.

Wall Street had ended in the negative territory on Monday.

"The strongest tailwind for equity markets globally is the peaking of inflation in the US and the possibility of a slower pace of rate hikes. In tune with this trend, CPI inflation in India, too, has declined to 6.7 per cent in October from 7.4 per cent in September.

"The decline in crude to USD 92 (per barrel) is another positive. All these can take the Nifty to a new record, but in typical market characteristics, it may not happen when the consensus expects it to happen," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE benchmark had declined 170.89 points or 0.28 per cent to settle at 61,624.15 on Monday. The Nifty dipped 20.55 points or 0.11 per cent to finish at 18,329.15.

International oil benchmark Brent crude was trading 0.13 per cent lower at USD 93.02 per barrel.

Foreign Institutional Investors (FIIs) remained net buyers on Monday as they bought shares worth Rs 1,089.41 crore, as per exchange data.