The key benchmark indices had a flat start on Tuesday amid mixed global cues ahead of the US Fed rate decision on Wednesday.
The BSE Sensex fell 200 points to 55,560, while the NSE Nifty50 slipped 65 points to 16,565.
Bajaj twins, Tech M, Tata Steel, ITC and SBI were the gainers on the Sensex, while Axis Bank, Dr Reddy’s, Asian Paints Maruti and Infosys were the top losers.
The broader markets also opened in red. The BSE MidCap and SmallCap indices were up to 0.3 per cent lower.
Nifty futures on the Singapore Exchange traded 39.5 points, or 0.24 per cent, lower at 16,579, signalling that Dalal Street was headed for a negative start on Tuesday.
Earlier, Asian stocks zigzagged between positive and negative territory but opened mostly higher Tuesday, with market heavyweight Alibaba boosted by news it will seek a primary listing in the city, which would allow it to be traded by mainland investors. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.15 per cent.
Japan’s Nikkei dropped 0.07%, Australia’s ASX 200 jumped 0.06%, New Zealand’s DJ declined 0.82%, South Korea’s Kospi surged 0.23%, China’s Shanghai gained 0.54%, and Hong Kong’s Hang Seng added 0.84%.
Wall Street capped a choppy day of trading with a mixed finish for stock indexes Monday, as investors brace for another sharp interest rate hike by the Federal Reserve this week as the central bank combats inflation.