Indian markets closed lower on Tuesday after four days of gains, with the Bombay Stock Exchange Sensex falling 111 points to 28,523 and the National Stock Exchange Nifty ending 32 points lower at 8,776, NDTV reported. The fall comes as investor sentiment remains cautious ahead of policy reviews by the United States Federal Reserve and the Bank of Japan, which will both conclude on Wednesday, according to Reuters.

Hero MotoCorp was the biggest loser on the Nifty, with its shares falling 2.6% to end at Rs 3,472. Yes Bank was the top gainer, with its stock rising 2.5% to close at 1,207. Companies such Adani Ports, GAIL India and State Bank of India were among those whose shares did not perform well, while Bharti Infratel, ONGC and Eicher Motors rising by 1%-2%.

While investors expect the Fed to keep its interest rates unchanged, they will be looking for indications of a hike in the future. “The more compelling case for a rate hike, in our opinion, would stem from the Fed’s needs to regain credibility and ensure that its communication does move the markets,” said HDFC Bank chief economist Abheek Barua, according to the Business Standard. The Bank of Japan is expected to make negative interest rates the primary focus of its review.