The Indian equity benchmark indices opened mixed on Tuesday following a decline in some major global market indices, as markets fretted about the impact of multi-year high oil prices at a time when supply chain disruptions are already putting pressure on economic activity.
At 9:15 am, the Sensex opened 20.82 points or 0.04 percent higher at 59,320. Nifty50 index opened marginally lower at 17,661 -- down 30 points or 0.17 percent. The broader market indices were trading higher with midcaps trading above the flatline and smallcaps surging over half a percent.
Stocks leading the gains on the Nifty50 index were ONGC, IOC, UPL, Maruti, Coal India. Each scrip gained over 1-4 percent. Leading the losses were Cipla, Bajaj Finserv, Tech Mahindra, Dr Reddy's, and Sun Pharma.
Among sectors, IT, banks, financial services, pharma, realty, and healthcare indices were under selling pressure. Whereas oil & gas, media, FMCG, and auto indices were trading in the green.
Globally, Asian shares suffered heavy losses early following a broad sell-off on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan dropped over 1 percent, falling for a third consecutive session. Japan stocks were down over 3 percent and South Korea gave up 2.5 percent
The drop in markets took MSCI's main benchmark to 619.87, the lowest since November 2020. It has shed more than 5 percent this year, with Hong Kong and Japanese markets among the big losers.
On Wall Street, Dow and S&P 500 lost over 1 percent whereas Nasdaq slipped over 2 percent.
Over in commodities, US crude oil prices reached a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy. Gold prices were locked in a tight range and stood at $1,763 per ounce, after rising on Monday to the highest since Sept. 23.
(With inputs from Reuters)