Indian equity benchmarks opened nearly flat with a marginal decline on Tuesday after posting b gains in the previous session, as investors adopted a cautious approach at the start of the week's second trading session. Early trade saw pressure in banking and select heavyweight stocks, while buying interest in information technology stocks provided support to the broader market.
The BSE Sensex opened 4.03 points, or 0.01%, lower at 76,831.75. The NSE Nifty 50 opened 24.70 points, or 0.10%, lower at 23,971.25. The early market trend indicated that investors balanced profit-booking with selective buying following Monday's sharp rally. Strength in IT stocks helped limit the market's initial losses.
The benchmark indices had closed sharply higher on Monday. The Sensex ended the session up 776.01 points at 76,835.78, while the Nifty 50 gained 228.50 points to close at 23,995.95.
Among the 30 Sensex constituents, 15 stocks traded higher in early deals, 13 declined and two remained unchanged.
Infosys was among the top gainers on the Sensex, with its shares rising about 1.68% in early trade. Other IT stocks also advanced, with Tech Mahindra up about 1.56%, Tata Consultancy Services (TCS) gaining about 1.26%, and HCLTech rising about 0.48%. Gains in IT stocks offset part of the weakness seen in the broader market.
Outside the IT sector, Sun Pharma rose about 0.72%, while InterGlobe Aviation (IndiGo) gained about 0.36% in early trade. Shares of Adani Ports, Larsen & Toubro (L&T), Maruti Suzuki, Titan, Bharti Airtel, Tata Steel, Bharat Electronics Limited (BEL), Bajaj Finance and Bajaj Finserv also opened with modest gains. Hindustan Unilever and Eternal traded largely unchanged in early deals.
Banking stocks came under pressure at the opening. HDFC Bank declined about 0.62%, Kotak Mahindra Bank fell about 0.56%, and State Bank of India (SBI) was down about 0.36%. ICICI Bank and Axis Bank also recorded marginal declines.
Among other major losers, Mahindra & Mahindra (M&M) was the weakest performer in early trade, falling about 0.87%. Shares of Power Grid, UltraTech Cement, ITC, Reliance Industries, Trent, Asian Paints and NTPC also opened lower. Reliance Industries declined about 0.25% in early trading.
Within the Nifty 50, 24 stocks advanced, 23 declined and three remained largely unchanged in early trade.
