The Indian market turned negative after opening higher on Tuesday, with the Sensex trading at 38,600, down 66.34 points, at 10:26 AM, and the Nifty trading at 11,455, down 19.05 points.

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Indian shares opened higher today led by gains in banking stocks over hopes of a larger-than-expected cut in key interest rates by the Reserve Bank of India later this week.

At 9:20 am, the Sensex was trading 226 points higher at 38,893, and the broader Nifty50 index was trading 75 points higher at 11,549. The midcap index rose 0.5 percent, while the smallcap index was up 0.4 percent.

Yes Bank, Axis Bank, IndusInd Bank, L&T, and SBI were the top gainers on the Sensex in the opening trade, while HCL Tech, TCS, Tech Mahindra, Infosys, and Kotak Bank led the losses.

All sectoral indices, except Nifty IT, were trading in green at the opening. Major buying was seen in the banking indices with Nifty PSU Bank, Nifty Bank and Nifty Private Bank up 1 percent on hopes of RBI rate cut.

Meanwhile, Nifty IT fell 0.3 percent on the rising rupee.

BPCL rose over 8 percent after a group of secretaries panel approved government stake sale in the company. Other OMCs IOC and HOCL also gained 4 percent and 3 percent, respectively on falling crude oil prices.

Meanwhile, equities in global markets traded marginally higher on Tuesday as some investors clung to hopes that China and the United States could work towards reaching a deal.

Globally, Japan's Nikkei rose 0.6 percent while MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.11 percent. Chinese markets will be shut for a week from Tuesday to mark 70 years since the founding of the People’s Republic of China.

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