Mumbai (Maharashtra) [India], Apr 20 (ANI): Equity benchmark indices failed to stick with early gains and closed half a per cent lower on Tuesday after a volatile session.

Despite the Covid-19 vaccine drive kindling hopes of recovery, investors said the market trend will depend on positive developments like a steep decline in infections and lifting of localised lockdown restrictions.At the closing bell, the BSE SP Sensex was down by 244 points or 0.51 per cent at 47,706 while the Nifty 50 edged lower by 63 points or 0.44 per cent to 14,296.

Sectoral indices at the National Stock Exchange were mixed green with Nifty IT down by 1.3 per cent, FMCG by 0.6 per cent and financial service by 0.5 per cent. But Nifty auto was up by 1 per cent and metal by 0.4 per cent.

Among stocks, UltraTech Cement fell by 4.9 per cent to close at Rs 6,189 per share while Grasim dropped by 3.1 per cent and Shree Cement by 2.7 per cent.

HCL Technologies skidded by 3.4 per cent, Tech Mahindra by 1.9 per cent, Tata Motors and Eicher Motors by 1.3 per cent each, Hindustan Lever by 1.7 per cent and HDFC Bank by 1.5 per cent.

However, Dr Reddy's gained by 3.5 per cent to close at Rs 5,145 per share. Bajaj Finserv was up by 3.4 per cent, Bajaj Finance by 2.6 per cent, MahindraMahindra by 2 per cent, Maruti Suzuki by 1.9 per cent and Bajaj Auto by 1.8 per cent.

Meanwhile, Asian shares were mixed. Hong Kong shares edged higher by 0.1 per cent as financials shone and South Korea's Kospi rose by 0.68 per cent on strong foreign buying.

But Japan's Nikkie stumbled as return to coronavirus lockdowns loomed large as the country continues to grapple with a resurgence in Covid cases.