CNBCTV18 Opening Bell: Sensex, Nifty start lower on higher crude prices; Titan top gainer

The Indian benchmark equity indices started Tuesday's trade on a tepid note as a sharp rise in global crude oil prices continues to weigh on trade sentiment. While the US flagging the possible release of crude oil reserves helped soothe oil prices, the threat of military action over the attacks on Saudi oil facilities kept prices elevated and dented risk appetite in equities. India is the world’s third-largest oil importer and higher crude oil prices put pressure on the country's trade deficit.

Asian markets traded weak after Moody's Investors Service downgraded Hong Kong's outlook to negative amid weaker economic data from China. Investors remained on the sidelines ahead of an expected interest rate cut from the US Federal Reserve on Wednesday and the next round of US-China trade talks on Thursday.

Closer at home, the Reserve Bank of India governor Shaktikanta Das indicated that the monetary policy regulator may continue to aggressively cut interest rates. Commenting on the GDP growth in an exclusive interview with CNBC-TV18, Das said the number of 5 percent came as a surprise.

The benchmark 30-share S&P BSE Sensex started on a weak note on Tuesday, trading at 37,102 in the initial tick, down over 20 points while the broader NSE Nifty50 slipped 18 points, or 0.17 percent, to 10,985.

The Nifty MidCap index started mildly up in the green, while the Nifty Bank slipped 0.43 percent. Bank, IT and finance declined among sectoral gauges, while pharma, FMCG, auto and capital goods advanced.

Titan, Vedanta, Bharti Airtel, Tata Motors and Yes Bank rose by up to 2 percent. Indiabulls Housing Finance, HCL Technologies, UltraTech Cement, BPCL and Bharti Infratel slipped between 1 and 2.5 percent.

In the currency market, the rupee opened lower against the US dollar on Tuesday, as a record gain in crude oil prices fueled growth worries. The home currency opened at 71.83 after its Monday’s close of 71.60.

Foreign institutional investors (FIIs), who were net buyers for the past few sessions, offloaded shares worth Rs 751.26 crore on Monday, according to provisional exchange data.

In debt markets, the yields on the 10-year government bonds jumped 1.16 percent at 6.71 percent from the previous close of 6.64 percent. Bond yields and prices move in opposite directions.