New Delhi, May 14 -- Benchmark indices, the Sensex and the Nifty 50, saw sharp declines on Tuesday, May 13, following a strong rally of nearly 4 percent the previous day triggered by eased tensions between India and Pakistan.

The Sensex dropped by 1,282 points, or 1.55%, closing at 81,148.22, while the Nifty 50 fell 346 points, or 1.39%, to end the day at 24,578.35. The BSE Midcap and Smallcap indices closed with gains, rising by 0.17 percent and 0.99 percent respectively, outperforming the benchmark indices.

Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is cautious to positive as the Nifty 50 index is trading in 24,450 to 24,900 range.

Speaking on the outlook of Indian stock mark...