BSE benchmark Sensex plummeted over 388 points to close at 58,576.37 on Tuesday, tracking weakness in index majors Wipro, RIL and Bharti Airtel amid a weak trend in global markets.

Investors also remained cautious ahead of crucial macroeconomic data announcements -- industrial production for February and inflation rate for March -- post trading hours.

The Sensex declined 388.20 points or 0.66 per cent to settle at 58,576.37. During the day, the benchmark tanked 666 points or 1.12 per cent to 58,298.57.

The Nifty went lower by 144.65 points or 0.82 per cent to finish at 17,530.30.

From the 30-share pack, Tata Steel, Wipro, Tech Mahindra, Bharti Airtel, Reliance Industries, Larsen & Toubro and Bajaj Finserv were among the major laggards.

In contrast, Axis Bank, Kotak Mahindra Bank, Power Grid, Maruti Suzuki, and ICICI Bank were among the gainers.

"Market will continue to be choppy in the near-term, pulled up and down by positive and negative news. The near-term headwind continues to be the rising US bond yields which have crossed 2.8 per cent for the 10-year and outflows from equity.

"The tech-heavy NASDAQ has turned distinctly weak and this has led to some profit-booking in Indian IT stocks too. But IT is likely to do well as TCS results indicate robust deal wins and order flows," according to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

TCS settled flat at Rs 3,691.45, lower by 0.13 per cent after declaring its earnings post trading hours on Monday.

The country's largest software services firm Tata Consultancy Services on Monday opened the fourth-quarter earnings season with a stellar set of numbers, crossing the Rs 50,000-crore revenue mark for the first time and recording 7.4 per cent year-on-year growth in net profit to Rs 9,926 crore.

On Monday, the Sensex tanked 482.61 points or 0.81 per cent to settle at 58,964.57. The Nifty declined by 109.40 points or 0.62 per cent to finish at 17,674.95.

In Asia, markets in Tokyo and Seoul ended lower, while Shanghai and Hong Kong settled higher.

European stock markets were also staring at a deep sell-off in early deals. The US stocks ended with significant losses in the overnight trade.

International oil benchmark Brent crude jumped 3.20 per cent to USD 101.6 per barrel.

"Domestic equities ended lower, following sluggishness across global markets. Moreover, news on the Russia-Ukraine war, rise in bond yields and further supply disruptions due to increasing COVID infections in China, continue to perturb market sentiments," Mitul Shah, Head Of Research at Reliance Securities, said.

Foreign institutional investors continued to offload shares worth Rs 1,145.24 crore on Monday, according to exchange data.