Auto major Tata Motors for the second consecutive month reported a considerable decline in its gross sales, with the November figures dropping over 30 percent compared to the year-ago period.

European stocks rose modestly on Tuesday as hopes of a rebound on Wall Street - following the previous day's savage retreat - helped offset an overnight slump in Asian markets.

Hit by financial downturn, private airline Jet Airways on Tuesday night asked its senior employees, including pilots, to take a cut in wages over a period of next 12 months.

JPMorgan Chase is planning to slash nearly 21 percent of workforce and lay off 4,000 employees by January at Washington Mutual, which was acquired by the investment banking major in September.

After touching a fresh record low in intra-day, the Indian rupee on Tuesday bounced back and closed at 50.15/16, stronger by 13 paise, against the greenback on suspected central bank intervention in support of the local currency.

Fitch on Tuesday upgraded Bharti Airtel's long-term foreign currency rating that will help the company raise funds in the overseas market.

American behemoth Citigroup, which is axing over 75,000 jobs this year to help cut costs and fight financial crisis, is now slashing the severance package, that too for staff having put 10 or more years with the bank.

China's yuan was being scrutinised ahead of a US-China summit after it fell sharply against the dollar in what experts said on Tuesday could mark a new policy shift aimed at propping up flagging exports.

Gold futures tumbled over 1 percent on the Multi Commodity Exchange due to panic selling after the precious metal fell sharply on declining oil rates in the global markets.

New York's main contract, light sweet crude for January delivery, dropped 53 cents to $48.75 on Tuesday after of a $5.15 fall to $49.28 at the close of trading on Monday at the New York Mercantile Exchange.

The country's second largest carmaker Hyundai Motor India Ltd said on Tuesday that its domestic passenger-car sales fell 23.34 percent to 14,605 units in November against 19,052 units in the same month last year.

The Bombay Stock Exchange benchmark Sensex on Tuesday recovered most of its early losses but still closed the day lower by over 100 points amid a plunge in global markets following a US panel officially acknowledging that the world's biggest economy is in recession.

The US economy has been in recession since December 2007, a panel of economists charged with the official designation of business cycles said on Monday. The Business Cycle Dating Committee of the National Bureau of Economic Research said it made the determination during a conference call on Friday.

The rupee on Tuesday fell by 25 paise against the US dollar to a fresh low of 50.53/54 in the opening trade at the Interbank Foreign Exchange market on increased demand for the greenback amid melting stock markets.

Federal Reserve chairman Ben Bernanke said that the current economic situation bears "no comparison" to the much deeper crisis of the 1930s Great Depression.

Finance ministers from the 15 countries sharing the euro failed to commit to a proposed 200-billion-euro economic stimulus target while agreeing that they need a joint anti-recession package.

Japan and Australia announced new measures to try to ease the global credit crisis on Tuesday after the United States formally announced it was in recession, sparking a massive worldwide stock sell-off.

Much to the discomfort of consumers, food articles will be costlier by up to 27 percent by 2020 if the global slowdown continues and investment in agriculture falls, says a US think-tank.

Flag carrier Air India is all set to reduce fuel surcharge on all domestic flights by Rs 400 from Tuesday, making it the first airline to slash fares after a substantial cut in jet fuel prices.

In a bid to encourage lending to housing sector, which has been witnessing some slowdown over the past few months, RBI on Monday relaxed provisioning and risk weight norms for Urban Cooperative Banks.