Mumbai, May 28 (IANS): Indian equity benchmarks closed in the red on Tuesday as investors took to profit booking before the Lok Sabha election results to be announced next week.

The Sensex was down 220 points or 0.29 per cent at 75,170, while the Nifty shed 44 points or 0.19 per cent to close at 22,888 on Tuesday.

The midcap and smallcap stocks were the worst hit, as the Nifty midcap 100 index closed at 52,294, down 466 points or 0.89 per cent, while the Nifty smallcap 100 index was down 144 points or 0.85 per cent, at 16,875.

The India volatility index (VIX) was down 4.31 per cent at 24.19.

Sector-wise, auto, IT, PSU bank, metal, realty, and energy stocks were the major losers, while pharma and media shares were the major gainers.

Nineteen out of the 30 Sensex stocks closed in the red on Tuesday.

Power Grid, Tech Mahindra, NTPC, Bharti Airtel, Tata Motors, and Reliance were the top losers, while Asian Paints, Wipro, HUL, JSW Steel, Bajaj Finserv, and M&M were the top gainers on Tuesday.

Vaibhav Vidwani, Research Analyst at Bonanza Portfolio Ltd, said that investors are opting for a cautious approach before the exit polls on Saturday, which can give an idea of the possible election results.

"Expectations of a budget in July, which will support the order books of defence, infra, railway, and sectors which will benefit from the budget, have already given movement in near terms," he added.