Benchmark indices were flat in early trade even as US markets saw cuts of 1.5 per cent, while most of Asia was lower taking cues from weak US lead.
The Australian index, the Japanese Nikkei and the Topic were all trading lower, even as the Korean Kospi was shut for trade.
Tata Steel on the other hand, which gained initially in morning trade, soon fell, following its quarterly numbers. The stock was down 1.5 per cent in trade.
Idea Cellular, which slumped to a 52-week low on Monday, managed to gain ground and was trading with gains of near 2 per cent.
PSU Banking stocks, which crashed on Monday, following the carnage, managed to gain some ground. Most of the stocks from the space were trading with gains of 1 per cent.
Shares in Sun Pharma were trading higher, despite reports that the company's subsidiary in the US was summoned over its pricing policy.
NTPC and Yes Bank were the top gainers from the Nifty space.
Meanwhile, the rupee opened slightly weak and was trading at 66.99 to the US dollar.