The Indian equity market started on a tepid note on Tuesday, tracking equity sell-off across US and Asian markets although benchmark indices largely outperformed its peers.

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The Sensex started 129 points lower, at 35,645, while the Nifty slipped by 45 points to 10,719.

Broader markets also started on a weak note with the Nifty MidCap down by 0.4 percent, while the Nifty Bank slumped by 0.58 percent.

Among sectoral indices, BSE Oil & Gas advanced more than a percent, leading the 10 rising sectors. Nifty IT dipped 1.5 percent and was leading 33 declining sectors, which also included BSE Metal, Nifty PSU Banks.

Among stocks, Yes Bank shares plunged more than 5 percent as independent board member R Chandrasekhar resigned on Monday evening, taking the total high-profile board members quitting in a week to three.

Indiabulls Housing Finance, Tech Mahindra and HCL Technologies fell between 2.28 percent and 2.6 percent. JSW Steel shares declined nearly 2 percent.

Oil marketing companies gained as crude prices slipped. GAIL shares jumped nearly 3 percent, while HPCL was up 2.5 percent. BPCL, Eicher Motors and Indian Oil Corp rose between 1.3 percent and 1.7 percent.

The Indian rupee opened at over two-month high on Tuesday against the US dollar. The home currency opened at 71.45 against the greenback, rising from Monday's close of 71.64.

In Asia, Japan's Nikkei was down by 1.10 percent, while Hong Kong's Hang Seng shed nearly 500 points, dipping by 1.85 percent.

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