Markets ended in the red on Tuesday, with the Sensex falling 143 points, or 0.60%, at 24,682, and the Nifty closing at 7510, with a loss of 53 points, or 0.7%., tracking Asian stock markets that remained subdued over concerns regarding China's faltering economy.

Ahead of its third-quarter results, shares of Tata Consultancy Services (TCS) remained volatile in trade, with the stock hitting an 18-month low of Rs 2,313 intraday and then plunging further to Rs 2,301. However, the stock managed to close at Rs 2,324, down 1.65%, on the BSE.

Other top Sensex losers included Axis Bank, Tata Steel, State Bank of India, ONGC and Bharti Airtel, while NTPC, Wipro and Mahindra & Mahindra ended in the green.

Aviation stocks again soared in trade on the back of sustained decline in crude oil prices, as jet fuel (ATF) accounts for about 35% of the operating costs of aviation companies. Lower fuel costs are expected to translate into higher profit margins for these companies.

The crude oil price dropped to $28.73 per barrel on 11 January, down from $30.02 on 8 January, according to the Petroleum Planning and Analysis Cell.

Shares of Jet Airways hit a new 52-week closing high at Rs 773.40, gaining 3.40% on Tuesday.

SpiceJet shares, at Rs 81.15, also ended higher and the scrip saw heavy trading in the morning session, with almost 1.27 million shares changing hands within fifteen minutes of trading.

Interglobe Aviation, which runs IndiGo airlines, closed with a gain of 0.65% at Rs 1,248.25.

The day saw many stocks, especially in the banking space, touching fresh 52-week low. Shares of ICICI Bank, State Bank of India, DCB Bank, Axis Bank, Canara Bank, Punjab National Bank, Andhra Bank, Bank of India, Bank of Baroda and Oriental Bank of Commerce plunged to yet another year low on persisting concerns of asset quality.