The Indian equity market on Tuesday opened on a flat note and turned negative amid weak global and domestic cues. Investor sentiment remained subdued as crude prices crossed $81 per barrel with cues pointing at further rise, triggering volatility in the Indian rupee which hovers just below 73 per dollar mark.
Tight liquidity situation is also weighing on shares, dragging both benchmark indexes further.
The BSE Sensex settled at 36,350.25, higher by 45.23 points in the opening tick. At 9.16 am, the 30-share S&P BSE index slipped lower by 12 points to 36,292.99. The NSE Nifty50 opened flat at 10,969.95, up by just 2.55 points. It shed over 12 points to trade at 10,955.15.
Midcaps were again under pressure with the Nifty MidCap down by 0.61 percent, while the BSE MidCap also traded lower by half a percent.
Except pharma, all sectoral indices on the NSE traded negative with maximum pressure seen in bank, finance service, realty, FMCG. BSE sectoral indices were no different with only energy, healthcare and IT trading in the green zone. Bankex slipped over a percent, realty more than 2 percent, and telecom over 2.5 percent.
Among stocks, Yes Bank, HCL Technologies, Tech Mahindra, Sun Pharma, ONGC Infosys, and Asian Paints surged by up to 2.23 percent, while shares of Bajaj Finance, M&M, Vodafone Idea, HPCL, Bharti Airtel, Kotak Mahindra Bank, Power Grid and ICICI Bank dipped by up to 2.85 percent.
The Indian rupee opened at 72.89 against the US dollar, weakening further from its Monday's close of 72.63 against the greenback.
Asian stocks struggled on Tuesday in early trade as the US-China trade war concerns hitting global growth increased. China has ruled out any talks with the US with 'knife to the throat,' according to AP.
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First Published: IST