It was a very subdued opening for benchmark indices in India, as most global markets were closed on account of the new year.
In the absence of any major cues, the markets began the day with modest gains, but, soon slipped into the red.
The Sensex was trading with gains of 66 points, while the Nifty was down 17 points in trade. The rupee opened the new year with a bang and was up 13 paise at 69.63 to the dollar.
Most stocks opened flattish with banking stocks like IndusInd Bank and ICICI Bank seeing modest gains. However, Yes Bank saw some modest selling pressure and was down.
Reliance Nippon Asset Management was seeing gains, after a leading brokerage house upgraded the stock.
Shares of JMC Project rose 2.5 percent in the early trade on Tuesday after company bagged an orders worth Rs 596 crore.
Volumes are likely to be thin today, as most FPIs may not participate due to the new year holidays. Asian markets were closed on accoutn of the new year and most markets across the globe ended 2018 with losses.