MUMBAI (Reuters) - The NSE Nifty fell 1.7 percent on Tuesday, posting its first drop after four sessions of gains, as investors turned jittery ahead of next week's Union Budget, with a reversal in oil prices putting further pressure on the market.
The broader NSE Nifty fell 1.73 percent to 7,109.55, not far from the session's low of 7,090.70. The benchmark BSE Sensex declined 1.59 percent to close at 23,410.18.
The India Volatility Index, which measures implied volatility of stock options and is often seen as a gauge of investor fear, hit a week-high of 24.64. It closed up 13.4 percent at 23.83.
Power company NTPC falls 2.5 percent as government sells a 5-percent stake worth about 50.29 billion rupees ($734 million) starting Tuesday.
($1 = 68.5150 Indian rupees)
(Reporting by Aastha Agnihotri; Editing by Sherry Jacob-Phillips)