Markets opened the day flat in line with global cues, which were trading in a tight range, even as the US Markets lost ground on Monday. The markets have recovered a little in the last two trading sessions on the back of heavy buying from domestic institutions.
Shares in Tata Steel on the other hand rallied after the company said that it has signed a letter of intent with Liberty House to sell its UK speciality steel business. Tata Steel was last trading at Rs 415, up 2 per cent in trade.
Idea Cellular was another stock in the limelight after reports in a section of the media that the company has plans to sell minority stake and would put 100 percent of its tower assets on the block. The stock was up 4 per cent in trade at Rs 79.
Banking stocks which had fallen on Monday on the back of a revision in CRR requirements, managed to gain ground in trade. Pfizer was trading marginally higher, after the company said that it plans to launch a series of products under the corex product.
Meanwhile, the rupee was trading at 68.72 to the US dollar, almost flat over the previous day's closing.