New Delhi: Stock markets opened in red on Tuesday as investors pared their bets, tracking sharp losses in global markets on worries about an intensifying trade conflict between the US and its trade partners.
The BSE Sensex opened 80 points down while the Nifty slipped below 10,740. However, the key equity indices reversed its initial losses and was trading marginally higher at 10 am.
The BSE 30-share barometer was trading higher 37.41 points, or 0.11 percent higher at 35,507.76. The gauge had lost 219.25 points in the previous session. The NSE Nifty also edged up 5.35 points to 10,767.80.
Worst affected was Tata Motors, which fell nearly 1.93 percent. The fall in the stock was triggered news that US has threatened to impose tariffs on European cars. Experts believe that Tata Motors-owned Jaguar Land Rover (JLR) vehicles exported to the United States may take a big hit if Trump imposes auto tariffs.
Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 86.22 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 198.68 crore yesterday, as per provisional data released by the stock exchanges.
Asian equities were bathed in a sea of red after Wall Street tumbled overnight, with the S&P 500 and Nasdaq suffering their steepest losses in more than two months overnight.
Markets in China - the epicentre of the trade tensions with the United States - took the biggest knock.
MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.35 percent.
Hong Kong`s Hang Seng retreated 0.4 percent, the Shanghai Composite Index slid 0.8 percent and Japan`s Nikkei shed 0.2 percent.
With Agency Inputs