New Delhi: Markets opened on a positive note on Tuesday after shedding more than 1 per cent to close at three-week low levels on Monday.
The BSE Sensex jumped nearly 100 points to touch 38,000 but the Nifty opened below 11,500. However, markets erased their initial gains after minutes into the trading.
At 9.30 am Sensex was trading lower by 36.48 points or 0.10 percent at 37,885.69. In a similar fashion, the NSE Nifty was down 13.20 points or 0.12 percent at 11,424.90.
Negative leads from global markets as investors turned cautious amid fears of a possible escalation in the US-China trade conflict hit the market sentiment. Major losers were HDFC, Reliance, HDFC Bank, TCS, ONGC, Coal India, Bajaj Auto, Kotak Bank, Tata Steel, Heromoto Corp, HUL and ITC, falling by upto 2.02 percent.
Meanwhile, the rupee opened marginally higher at 72.30 versus against the US dollar on Tuesday. The Indian rupee has depreciated 13 per cent so far in 2018 and touched a historic low of Rs 72.67 to a dollar Monday before a rebound on strong intervention of the Reserve Bank.
India's current account deficit (CAD) widened to USD 15.8 billion in April-June this year as against USD 15 billion in the same quarter of 2017-18 in value terms, mainly due to a higher trade deficit, according to RBI data released Friday.
Asian shares were struggling to snap an eight-session losing streak on Tuesday. MSCI`s broadest index of Asia-Pacific shares outside Japan wavered either side of flat having hit its lowest since July last year on Monday. Japan`s Nikkei fared better on the back of a softer yen and climbed 0.6 percent.
With Agency Inputs