The Indian equity market started on a tepid note on Tuesday morning, reversing gains from a day earlier, tracking weak global cues as fears of slowdown hit investor sentiments. The market remained cautious ahead of the outcome of the two-day US Federal Reserve meet on Wednesday.

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The Nifty slipped below the 10,850 mark in initial trade, dipping more than 57 points, or 0.53 percent, to 10,831. The Sensex also declined by 0.42 percent, or by 151 points, to 36,118.

IT stocks were under pressure with Infosys declining more than 2 percent. ZEEL, Wipro, Tech Mahindra and Eicher Motors were among top five losers, falling between 1.25 percent and 2 percent.

Top 5 gainers included HPCL and BPCl, both rising more than 1.55 percent, while Tata Motors rose 1.3 percent. JSW Steel and Bajaj Finserv climbed nearly 0.7 percent.

Midcaps were also under pressure, however, outperformed frontline indexes. Both the Nifty MidCap and BSE MidCap were marginally down.

Among sectoral indexes, only 8 sectors advanced with BSE Oil & Gas leading by rising 0.24 percent. BSE IT, Teck, Nifty IT and Nifty PSU Banks were among notable sectors declining among 35 indexes.

The rupee opened higher at 71.33 against the US dollar on Tuesday. The currency had closed at 71.54 against the greenback on Monday.

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First Published:Dec 18, 2018 10:01 AM IST