Indian markets were down in opening trades on Tuesday due to profit taking. The Bombay Stock Exchange's 30-share Sensex index nosedived 362 points to trade at 45,891 points in opening trading. Profit-taking in the banking stocks and Reliance Industries led to the weakness in the indices.
Similarly, the National Stock Exchange’s broader 50-share Nifty benchmark index slipped 79 points to trade at 13,479 points.
The bank index on the NSE slumped 309 points to trade around 30,434. While Reliance Industries’ share was down one percent, banking stocks like ICICI Bank, IndusInd Bank, HDFC Bank, and Ratnakar Bank Ltd tanked in opening trading.
Public sector banks like State Bank of India, Punjab National Bank, and Union Bank of India were also down in opening trading.
Shares of UltraTech Cement, Bajaj Auto, HCL Tech, Shree Cements, Dr Reddy’s Labs and M&M all gained in early trading on Tuesday.