30-share BSE Sensex opened with a loss of 55.69 points on 32,814.03 while the broader 50-share NSE Nifty started trading on 10,118.25, down by 9.50 points. After the initial fifteen minutes of trading, both were losing 0.20 per cent.
The Street has been under pressure since last Thursday as government data indicated towards possible fiscal slippage. With most analysts predicting a status quo in lending rates by the Reserve Bank of India (RBI), when they meet for policy review, the chances of a positive trigger seems unlikely.
On Tuesday, all the sectoral indices were in the red in initial trading with metal and PSU bank stocks bleeding the most. Tata Steel, NTPC, Tech Mahindra and Adani Ports were among the top losers while Infosys, Airtel and Mahindra & Mahindra were gaining.