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Indian equity benchmarks started Tuesday’s session in the red tracking weakness across global markets as investors remained concerned about the prospect of aggressive tightening of pandemic-era monetary policies. Investors awaited more of quarterly financial results from India Inc due this week after TCS kicked off the earnings season.

The 30-share barometer BSE Sensex began the session 221.07 points or 0.3 percent lower at 58,743.50 and the broader blue-chip Nifty50 slipped to 17,584.85, down 90.1 points or 0.5 percent from its previous close.

Maruti Suzuki, Divi's Lab, HCL Tech, Cipla, Tata Consultancy Services, Kotak Bank, Apollo Hospitals, ONGC, and HDFC were the top gainers in the Nifty pack. Hindalco, Tata Motors, Tata Steels, BPCL, Wipro, UPL, Bajaj Finserv, Tech Mahindra, Infosys, and JSW Steel were among the laggards in opening deals.

The broader indices too traded in the red territory with Nifty Midcap 100 opening 0.03 percent lower from its previous close, while Nifty Smallcap 100 was down 0.01 percent.

Prashanth Tapse, Vice President (Research), Mehta Equities Ltd said the market was set to extend the southbound journey as heightened recession fears, a hawkish Federal Reserve, and a prolonged Russia-Ukraine conflict remain major concerns for investors.

“Although interest rates have been the market's main driver for months, earnings season will likely steal away traders' attention soon enough. Nifty’s intraday support is seen only at the 17,601-mark, while the make-or-break medium-term support is seen at 200-DMA at 17,141 mark,” he said.

Global markets

World markets have been hit hard in the past few months on worries the Ukraine war, Fed's tightening and China's tough new COVID-19 restrictions could set back global growth.

On Tuesday, Asian shares were down while the US dollar held strong as Treasury yields spiked to a three-year high ahead of US inflation data which could foreshadow even more aggressive interest rate hikes from the Federal Reserve.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent. Australian shares were down 0.65 percent, while Japan's Nikkei stock index slid 1.5 percent.

Hong Kong's Hang Seng Index gained 0.6 percent in early trade while China's blue-chip CSI300 Index was up 0.4 percent.

Tech stocks weighed on Wall Street during Monday's session as the Dow Jones Industrial Average fell 1.19 percent, the S&P 500 lost 1.69 percent and the Nasdaq Composite dropped 2.18 percent.

A Reuters poll predicts the US consumer price index (CPI) later in the day would post an 8.4 percent year-over-year increase in March.

Meanwhile, US crude ticked up 0.85 percent to $95.09 a barrel. Brent crude rose to $99.18 per barrel.

With inputs from Reuters

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