 "Subdued global cues weigh on markets")
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Markets remained rangebound after the first hour of trade as gains in IT majors helped cap further downside.
At 10:30am, the S&P BSE Sensex was down 11 points at 28,084 and the Nifty50 was down 6 points at 8,630. In the broader market, the BSE Midcap and Smallcap indices were up 0.5% each. Market breadth was weak with 1177 gainers and 843 losers on the BSE.
Axis Bank staged a recovery after losses in the previous session post weak first quarter earnings. The private lender reported 21% year on year (YoY) decline in net profit at Rs 1,556 crore for the quarter ended June 30, 2016 (Q1FY17), due to higher provisioning for bad loans.
IT exporters gained on the back of encouraging economic data from the US. Infosys and Wipro were up 0.5%-1.2% each.
HDFC Bank was marginally down on reports that the Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on for violating know your customer (KYC)/anti-money laundering (AML) norms.
Among others, ICICI Bank and HDFC were down 0.3%-0.9% each.
Asian Paints witnessed profit taking and was down 0.7% after gains of over 2% in the previous session.
Gail (India) was up over 1%. According to a Reuters report, the company is in talks with Russia's Gazprom to delay and renegotiate a 20-year gas purchase deal undercut by low spot prices, sources familiar with the matter say, as weak demand at home forces it to stall some contracted supply.
Tata Motors edged higher after the company in a release said that it plans to offer the fourth series of its Rated, Listed, Unsecured, Redeemable, NCDs aggregating to Rs. 400 crores. The board meeting for the same will be held on July 28, 2016.
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(Updated at 9:35am)
Markets opened flat on Tuesday tracking mixed cues from Asia and overnight losses on Wall Street.
At 9:35am, the S&P BSE Sensex was up 9 points at 28,104 and the Nifty50 was down 2 points at 8,634.
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"Nifty has been moving in between 8475 to 8595 zones from last 9 sessions and this range breakout has now opened its scope for a potential up move towards 8700 zones. It has formed a strong bullish candle on daily chart and now a follow up action may take the index towards fresh leg of rally in coming sessions. Now it has to continue to hold above 8580-8595 zones to witness an up move towards 8700 zones while on the downside multiple support exists at 8510 then 8475 mark," Anand Rathi Securities said in a note.
Foreign institutional investors were net buyers in equities worth Rs 891 crore on Tuesday, as per provisional stock exchange data.
STOCKS
Financials were among the top losers after gains in the previous session. HDFC, HDFC Bank, ICICI Bank and Axis Bank were down 0.2%-0.6% each.
Dr Reddy's Labs extended losses and was down nearly 1% ahead of its first quarter earnings to be announced later today.
Asian Paints was marginally up after the company's market capitalisation crossed the Rs 1-lakh crore mark.
GLOBAL MARKETS
Asian stocks were trading mixed with shares in Japan declining the most on the back of a stronger yen while caution ahead of policy meet from central banks in US and Japan and weakness in crude oil prices also dampened sentiment. The benchmark Nikkei was down 1.4% while Straits Times eased 0.6%. Hang Seng was up 0.9% while Shanghai Composite was trading with marginal gains.
US stocks retreated after sharp gains which pushed the benchmark indices to record highs in the previous sessions. Energy shares were among the top losers after global crude oil prices eased. The Dow Jones industrial average eased 0.4% to close at 18,493, the S&P 500 dipped 0.3% to 2,168 and the Nasdaq ended flat with negative bias at 5,098.
