Markets open in red despite positive global cues

New Delhi: Markets opened in red on Tuesday despite positive cues as banking sector was reeling under pressure post news of merger deal of  Bandhan Bank and Gruh Finance, an arm of industry leader HDFC.

The 30-share barometer dropped 58.53 points, or 0.16 per cent, to 35,791.63 in opening trade. The gauge had rallied 336.45 points in the previous two sessions. The NSE Nifty index too fell 19.35 points, or 0.18 per cent, to 10,752.90.

The laggards include PowerGrid, Axis bank, NTPC, Bajaj Auto, M&M, HDFC Bank, Kotak Bank, Hero MotoCorp, HDFC, Reliance Industries, HCL Tech and Maruti Suzuki, falling up to 1.01 per cent.

While, the gainers include Tata Motors, Yes Bank, Sun Pharma and Bharti Airtel, rising up to 2.54 per cent.

Meanwhile, domestic institutional investors (DIIs) sold shares to the tune of Rs 141.97 crore, while foreign portfolio investors (FPIs) bought shares worth a net Rs 736.18 crore on Monday, provisional data showed.

Asian shares rose for the third straight session on Tuesday as investors bet that Washington and Beijing are inching towards a trade deal and that US Federal Reserve would halt its tightening if economic growth slows further, a Reuters report said.

Japan`s Nikkei rose 1.0 percent while MSCI`s broadest index of Asia-Pacific shares outside Japan ticked up 0.1 percent.

On Wall Street, the S&P 500 gained 0.7 percent on Monday following 3.4 percent surge on Friday, with Amazon.com Inc and Netflix leading the rally.

With Agency Inputs