Markets turn flat after weak opening

Mumbai: Equity benchmark indices began the trade on a weak note on Tuesday tracking sluggish global market trends and fresh foreign fund outflows.

The 30-share BSE Sensex declined 130 points to 72,660.13 in early trade. The Nifty dipped 36.4 points to 22,085.65.

Later, both the benchmark indices recovered the early lost ground and were trading marginally higher. The 30-share BSE benchmark quoted 10.30 points up at 72,800.43, and the Nifty traded 8.85 points higher at 22,135.60.

Among the Sensex firms, Axis Bank, Bharti Airtel, HDFC Bank, Larsen & Toubro, Bajaj Finance, ICICI Bank and Reliance Industries were the major laggards.

Tata Consultancy Services, HCL Technologies, Wipro and UltraTech Cement were among the gainers.

In Asian markets, Seoul, Tokyo and Hong Kong were trading lower while Shanghai quoted in the green.

The US markets ended marginally lower on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 285.15 crore on Monday, according to exchange data.

The BSE benchmark fell by 352.67 points or 0.48 per cent to settle at 72,790.13 on Monday. The Nifty declined 90.65 points or 0.41 per cent to 22,122.05.

"Volatility is expected this week due to F&O contract expiry," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude dipped 0.12 per cent to $82.43 a barrel.