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After a roaring beginning in the morning trade when the Sensex surged by more than 900 points, the Indian benchmark indices ended at a marginal low on Tuesday, as investors remained cautious amid global concerns.

Among the Asian peers, Japanese shares rebounded. The Nikkei 225 stock index surged 10.23 per cent, or 3,217 points in its biggest one-day gain. In Europe, the FTSE 100 and stock markets in Paris and Frankfurt were steady.

Sensex closed at 78,593, down 166 points, while Nifty closed at 23,992, down 63 points. Nifty Bank lost 321 points to close at 49,770. The Nifty 50 saw 21 stocks ending in the green and 29 closing with losses.

The BSE Midcap index was down 0.71 per cent while the Smallcap index ended 0.57 per cent lower.

Adani Ports, Britannia Industries, HUL, HCL Technologies and Cipla were among the top gainers on the Nifty. On the other hand, shares of HDFC Life, SBI Life and BPCL ended as the top losers.

The rupee ended at a fresh low at 83.95 per dollar against Monday's close of 83.84.

According to market analysts, the sharp decline is largely in response to the recovery in equities seen early in the day following the global rout on Monday.

However, the drop in VIX is not seen as sustaining and the pullback above 18 reflects that the Indian market remains sensitive as global events unravel, they noted.

According to experts, it appears that the US recession fears are a bit premature and overdone and investors need not to panic.

On Monday, Sensex fell 2,222 points or 2.74 per cent to close at 78,759 while Nifty fell 662 points or 2.68 per cent at 24,055.

According to global brokerages, the Indian benchmark indices remain more resilient amid the US economic slowdown.