The Indian market started on a weak note on Tuesday, tracking tepid Asian cues. Investor appetite for risk declined as the International Monetary Fund slashed its global economic growth forecast for 2019 for the second time in four months, raising fresh concerns. The IMF, however, maintained upbeat outlook on India, which may help limit losses.

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Additionally, investors took to profit booking in bluechips such as Reliance Industries, Infosys, HDFC Bank and HDFC which have been responsible for the rally in recent days. Support for the bulls came in from Kotak Mahindra Bank and Sun Pharma along with Tata Consultancy Services.

At 9.45 am, the Sensex was lower by 136 points, or 0.37 percent, at 36,443. The Nifty also traded lower by 42 points, or 0.38 percent, at 10,920.

Broader markets continued their underperformance with the Nifty MidCap down by 0.38 percent and the BSE MidCap slipping by 0.32 percent.

Among sectoral indices, only 6 advanced led by Nifty Pharma, while BSE Metal was the weakest among 36 declining sectors. BSE Auto also slipped almost a percent.

Sun Pharma shares surged more than 4 percent, while Kotak Mahindra Bank gained 2 percent. Wipro, Dr Reddy's Labs and HPCL were other gainers, rising by up to a percent.

Yes Bank slipped nearly 2 percent, IndusInd Bank was down by 1.25 percent and Hindalco was also down by 1.28 percent. UltraTech Cement and Infosys were other laggards, dipping around a percent each.

Indian rupee opened slightly higher against the greenback on Monday, as easing global crude prices helped support the currency.

Asian shares traded lower with Japan's Nikkei falling 0.6 percent and Hong Kong's Hang Seng slipping by over a percent. South Korea's Kospi also slipped 0.66 percent.

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First Published:Jan 22, 2019 10:09 AM IST