Markets off highs, oil marketing companies lose

The markets on Tuesday opened strong backed by global cues. The BSE Sensex opened at 33,899 points and the NSE Nifty, touching 10,400 levels, opened at 10,417 points.

Though the global cues indicated at a weak or negative opening in the pre-market hours, Xi Jinping's announcement of a more open trade for China strengthened the markets as trade war fears eased a bit.

The Nifty Bank, too, gained 85 points in the opening at 25,179 points. All the major indices were up by 0.30%.

U.S stock futures rallied, Asian shares bounced and the safe haven yen fell on Tuesday as Chinese President Xi Jinping promised to lower import tariffs on products including cars this year, helping soothe investor jitters over an escalating U.S.-China trade row.

Xi, speaking at the Boao Forum for Asia in Hainan province, said that China will take measures to sharply widen market access for foreign investors, raise the foreign ownership limit in the automobile sector and protect intellectual property of foreign firms.

(Inputs from Reuters)