Share Market Opening Bell! Sensex, Nifty open flat with negative bias; banking, financials shares drag — HDFC Bank, ICICI Bank slump most

The Indian markets on Tuesday opened flat with negative bias. Both benchmark indices are still trading near record highs, with Nifty around 16,550 and Sensex close to 55,550 levels, amid strong global cues.  

In the broader markets category, the mid-cap index opened flat but gained marginally by 15 points or 0.05 per cent to 27522 at open on Tuesday. Similarly, Nifty Bank, leading the decline in Nifty, slipped almost 160 points or 0.44 per cent to 36100.7 levels, led by HDFC Bank and ICICI bank.

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Of 50 scrips on Nifty50, 13 advanced, 37 declined and minutes after the market open today. Tech Mahindra surged most in the early morning trade on Tuesday by over 1.5 per cent, followed by Tata Consumers and Power Grid over 1 per cent each.

While Nestle India, Sun Pharma, Britannia and Cipla gained almost 1 per cent minutes after the market open today.

On the contrary, HDFC Bank led the decline in the market, as the stock fell by around 1 per cent at the market open on Tuesday, followed by IndusInd Bank, ICICI Bank and Axis Bank and JSW Steel. 

Minutes after the market open, almost all sectoral indices are in the red, except for Nifty FMCG, IT and Pharma, all three sectoral indices grew marginally by 0.15 per cent at open. Nifty Metal along with banking and financials lead the decline in the benchmark indices on Tuesday market open. 

Globally, US markets on Monday end at a life high after a huge day of volatility as Dow Jones swings over 400 points before closing higher by 100 points and Nasdaq closed mildly in the red. While Asian markets on Tuesday opened muted with the Japanese 'Nikkei' trading mildly in the green.

Another important trigger to domestic markets, Foreign Institutional Investors (FIIs) on Monday sold shares worth Rs 1088.32 crore in cash and bought Rs 506.21 crore in index futures.

The Nifty on Monday closed at a fresh new all-time high led by M&M, Bajaj Finance, and Tata Steel as front liners drive the index higher while broader markets continue to see profit booking.