Mumbai, Dec. 16 -- Benchmark equity indices closed sharply lower on Tuesday, extending losses for a second straight session. Persistent foreign portfolio outflows and a weakening rupee hurt sentiment. Uncertainty over a possible U.S. trade deal also kept investors cautious. Banking stocks led the decline, dragging the Nifty below the 25,900 mark. The broader market also remained under pressure as investors stayed on the sidelines amid negative global cues.

The S&P BSE Sensex tumbled 533.50 points or 0.63% to 84,679.86. The Nifty 50 index lost 167.20 points or 0.64% to 25,860.10. In two consecutive trading sessions, the Sensex slipped 0.68% while the Nifty declined 0.71%.

Axis Bank (down 5.03%), Bajaj Finance (down 1.41%) and Reliance In...