The Indian benchmark indices opened lower on Tuesday, giving up early gains as investors turned cautious ahead of the Reserve Bank of India’s policy decision later this week.
The
BSE
Sensex slipped in early trade on Tuesday, dropping 231.58 points or 0.28% to 81,142.17 at 10:09 a.m. The index opened higher at 81,492.50 but quickly gave up gains to touch a low of 80,948.20 during morning trade. This comes after the index had closed on Monday at 81,373.75. The market breadth on the BSE Sensex remained weak in early trade on Tuesday, with only seven stocks advancing against 23 declining. The total turnover stood at ₹153.71 crore, with advancing stocks contributing ₹67.90 crore and declining stocks accounting for a larger share at ₹85.81 crore.
Eternal led the Sensex gainers with a rise of 0.89%, followed by M&M with 0.81% and
HDFC Bank
with 0.36%.
Larsen & Toubro
(L&T) was the biggest loser, slipping 1.17%, while Kotak Mahindra Bank, Adani Ports and
Bajaj Finance
also saw notable declines.
Meanwhile, the NSE Nifty 50 also opened weak, falling 61.50 points or 0.25% to 24,655.10 at 10:09 a.m. The index began the day at 24,786.30, higher than Monday’s close of 24,716.60, but soon reversed course. It touched a low of 24,601.30 during early trade. The market breadth remained negative, with 39 stocks declining and only 11 advancing, indicating risk-off sentiment despite the recent rally to record highs.
Eternal
led the charge with a 0.92% gain to ₹243.41 on the back of massive trading interest, clocking volumes of over 247 lakh shares and a turnover of ₹602 crore, making it both the top gainer and the most actively traded stock by volume and value.
M&M
,
Shriram Finance
,
Hindalco
, and
Grasim Industries
followed, indicating selective buying in auto, finance and metal stocks. On the flip side,
Coal India
was the biggest drag, falling 1.34%, followed by
Apollo Hospitals
,
Adani Ports
, and
Kotak Mahindra Bank
.
The Indian rupee opened lower at 85.53 per US dollar, compared to Monday’s close of 85.38, as global uncertainty weighed on investor sentiment.
Some of the key stocks in focus today include Ola Electric as the company’s shares fell as much as 7% to a low of ₹49.83 on the NSE during morning trade, following a large block deal involving 3.2% equity, with 14.22 crore shares worth ₹731 crore reportedly changing hands at ₹51.4 apiece.
Globally, the markets remained subdued. Asian shares opened on a mixed note after a volatile session on Wall Street, where the S&P 500 rose 0.4% and the Nasdaq gained 0.7%.
Investors are closely watching the Reserve Bank of India’s upcoming policy meeting on Friday. Analysts believe the markets will remain in consolidation mode, with the upside capped by global concerns but supported by strong domestic fundamentals.