The Indian equity benchmark indices opened higher on Tuesday led by gains in IT and pharma stocks. A major upside in the market was capped as investors remained cautious amid sell-off in Asian markets amid weak global cues.

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At 9:15 am, the Sensex opened 0.44 percent, or 166.57 points, higher at 38,200.71, while the Nifty50 index opened at 11,301.75, up 51.20 points, or 0.46 percent.

Broader markets underperformed the benchmarks as Nifty Smallcap100 and Nifty Midcap100 indices fell more than 1 percent each.

Among sectoral indices, the Nifty IT and Nifty Pharma were the only to trade in the green.

HCL Technologies, Bharti Infratel, Dr Reddy's Laboratories, Grasim Industries and Britannia Industries were the Nifty50 top gainers, while Adani Ports & SEZ, JSW Steel, BPCL, Bajaj Finance and HDFC were the top losers.

Shares of GMM Pfaudler plunged 10 percent as the promoter of the company will sell 25.71 lakh shares via offer for sale at a floor price set at Rs 3,500 per share on September 22-23.

Globally, Asian shares extended losses for the second day on Tuesday while the dollar rose, as possible delays in expanded US stimulus and concerns about fresh pandemic lockdowns in Europe knocked investor sentiment, a Reuters report said.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 percent.

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