Indian shares gave up minor opening gains on Tuesday, tracking subdued Asian cues as a fall in US equity futures dampened sentiment amid persisting slowdown fears. After opening at 54,307, the 30-share benchmark BSE Sensex traded at 54,233, down 55 points or 0.10 percent at 9.43 am. The Nifty traded at 16,191, down 23 points, or 0.14 percent after starting at 16,225.

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A pullback in metals pack and gains in bank stocks helped indices initially along with buying in energy, automobile and index heavyweight Reliance Industries' shares.

Among sectors, some buying at lower levels kicked in in steel companies after a sell-off on Monday following the government's decision to impose a 15 percent export duty on steel. Information technology and pharmaceutical companies were in the red.

FMCG major Hindustan Unilever (HUL) shares dropped nearly 3 percent, trading at Rs 2,311 apiece. Both Infosys and Tata Consultancy Services (TCS) shares also dropped almost a percent, quoting at Rs 1,455 and Rs 3,290 per share, respectively.

Shilpa Medicare jumped 12 percent on a four-fold YoY gain in consolidated net profit in the January-March quarter, while Zomato surged 14 percent on a positive growth outlook by the online restaurant aggregator and food-delivery platform.

Shares of speciality chemicals are also in focus as global investment major Morgan Stanley initiated coverage on the sector with SRF as its top pick. It set the target for SRF at Rs 2,757, Aarti Industries at Rs 954 and Rs 3,119 for PI Industries.

#CNBCTV18Market | Morgan Stanley initiates coverage on speciality chemicals, have SRF as top pick. Target for SRF at 2,757, Aarti at 954 & PI Ind at 3,119 pic.twitter.com/H6M5h0812G

— CNBC-TV18 (@CNBCTV18Live) May 24, 2022

Meanwhile, logistics and supply-chain firm Delhivery with shares listing at a premium over their issue price. On BSE, the Delhivery stock listed at Rs 493 apiece, a premium of Rs 6 or 1.2 percent over its issue price of Rs 487..

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