Opening Bell: Sensex slips over 175 points, Nifty50 above 16100 level – Metal, IT, Banking stocks drag most

Tracking weak global cues, the Indian markets slipped for the second straight session on Tuesday, as Sensex was down over 175 points and Nifty50 opened above the 16100-level. Metal, IT, and Banking dragged the benchmarks most at the market open.

At the market open, the BSE Sensex declined over 175 points or 0.32 per cent to 54219.7 levels, while Nifty50 tumbled almost 90 points or 0.55 per cent to 16126.2 levels. Following the benchmark suite, the broader markets mid and small cap also dipped by 0.35 and  0.39 per cent respectively at the open.

As many as 11 stocks advanced and 39 declined in Nifty50 in the early morning trade. Hindalco slipped most to become a top Nifty loser, down nearly 2 per cent, followed by Titan, Kotak Mahindra Bank, and Grasim down over 1 per cent and IndusInd Bank fell nearly 1 per cent at the market open.

Minutes after the market open, Apollo Hospital become the top Nifty gainers to surge by over 1 per cent. Apollo Hospitals' cash flows will help it to invest in its digital business, said CLSA. While NTPC, Adani Ports, Wipro, and TCS each surged marginally between 0.5-0.8 per cent in the early morning trade.

Sectorally, almost all indices opened negative, however, Nifty IT surged minutes after the market open, up 0.4 per cent. While Nifty Metal, Bank, and Financial Services dragged the benchmark indices most in the early morning trade on Tuesday.