Indian equity benchmarks closed lower for the second straight session on Tuesday as elevated crude oil prices and volatile global bond yields kept investors firmly in risk-off mode.

The BSE Sensex shed 242.65 points, or 0.33 per cent, to settle at 72,529.07, while the Nifty 50 slipped 64.05 points, or 0.28 per cent, to close at 22,716.20. Brent crude was quoted at $106.54 a barrel, up 1.2 per cent, as US and Iranian officials held talks aimed at ending their months-long conflict.

Titan Company emerged as the top loser on the Nifty, while IT heavyweights Wipro and HCLTech featured among the biggest drags. Selling was broad-based: consumer durables, chemicals, real estate and information technology stocks registered the steepest declines on concerns over global growth and higher input costs.

The broader market fared worse, with the Nifty MidCap down 0.99 per cent and the Nifty SmallCap down 0.81 per cent. The only bright spot was the pharmaceutical space, where defensive positioning gathered pace.

The Nifty has now declined 5.67 per cent during the September expiry series, marking a weak month as foreign fund outflows and geopolitical uncertainty weighed on sentiment.