Indian markets opened flat on Tuesday, following global markets, which traded lower as investors refrained from making major bets ahead of the next round of US tariffs on Chinese imports. Gains in auto, banking sectors were capped by losses in the IT space.
At 9:20 am, the BSE Sensex was trading 16 points lower at 40,470 and Nifty50 was trading 5 points lower at 11,940.
Tata Motors, Zee, Hero MotoCorp, Sun Pharma, and Maruti were the top gainers on the Nifty50 index, while Yes Bank, Bharti Infratel, BPCL, JSW Steel, and Infosys led the losses.
Sectoral indices were trading mixed at opening trade. Nifty Auto and Nifty Financial Services rose 0.3 percent each, while Nifty Pharma and Nifty PSU Bank were up 0.2 percent each. Meanwhile, Nifty Bank was flat, up 0.05 percent.
Among losers, Nifty IT dragged the most, down 0.7 percent, followed by Nifty Media and Nifty Realty, down 0.2 percent each. Nifty FMCG and Nifty Metal were also trading in red in morning deals.
Yes Bank fell 4 percent ahead of its board meet, where the bank’s board is likely to reject Canadian industrialist Erwin Singh Braich's $1.2 billion bid
at its December 10 meeting, according to media reports.
Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan was down just 0.04 percent as the Asian trading day began on Tuesday. Australian shares were also 0.04 percent lower, while Japan's Nikkei lost 0.23 percent.