Sensex, Nifty muted at open as IT losses offset gains in financials, metals

India’s benchmark indexes opened nearly flat on Tuesday as losses in information technology companies offset gains in financials and metal stocks.

The Nifty 50 and BSE Sensex were down 0.1% at 24,108 and 79,330.59 as of 9:19 a.m. IST.

The IT index was down 0.7% and was the biggest drag on the benchmark indexes.

Tata Steel and JSW Steel rose 1.3% and 0.8%, respectively, and were among top five Nifty 50 gainers after the government imposed temporary safeguard duty on some steel imports to curb cheap shipments primarily from China.

Financials gained 0.4%.

Eight of the 13 major sectors rose in early trade, while broader mid- and small-caps were up about 0.5% each.