The Indian stock market opened on a negative note on Tuesday, with the benchmark indices trading marginally lower. The Nifty50 was trading at 11,945.90, down by 0.17 percent, while the Sensex was trading at 40,717.90, down by 0.14 percent.
The mid and smallcap indices were underperforming the benchmark indices, with the Nifty Midcap 100 and Nifty Smallcap 100 indices down by 0.45 percent and 0.63 percent, respectively.
Among the sectoral indices, the Nifty PSU Bank index was the top loser, down by 1.45 percent. The Nifty Auto, Nifty Financial Services, Nifty FMCG, and Nifty IT indices were also trading in the red.
On the other hand, the Nifty Pharma index was the top gainer, up by 0.90 percent. The Nifty Metal, Nifty Realty, and Nifty Media indices were also trading in the green.
Among the stocks, the top gainers were Sun Pharma, Cipla, and Dr. Reddy’s Laboratories, while the top losers were IndusInd Bank, Bajaj Finance, and UPL.
Overall, the market sentiment was weak, with investors cautious ahead of the Union Budget, which is scheduled to be presented on February 1. Investors are also awaiting the Reserve Bank of India’s (RBI) monetary policy decision, which is due on February 5.
Meanwhile, the Indian rupee was trading at 71.45 against the US dollar, down by 0.09 percent.