The major indices Sensex and Nifty opened on a sour note on Tuesday, after a two-day gain amid weakness in global markets.

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In early trade, the BSE Sensex was down 117.3 points at 54,403.85. The NSE Nifty dropped 28.80 points to 16,249.70.

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Asian Paints, HCL Technologies, Bajaj Finserv, Infosys, Nestle, Larsen & Toubro, IndusInd Bank, and Titan were the Sensex’s top laggards.

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Among the companies quoted in the green were Mahindra & Mahindra, Tata Steel, UltraTech Cement, and Maruti.

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In Asia, Seoul, Shanghai, and Hong Kong were trading down, while Tokyo was trading higher. On Monday, the US markets finished lower.

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“Markets are likely to decline in morning trades owing to weakness in other Asian gauges after overnight US indices ended lower,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.

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On Monday, the Sensex rose 760.37 points, or 1.41%, to 54,521.15. The Nifty was up 229.30 points, or 1.43%, at 16,278.50.

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Foreign institutional investors (FIIs) bought shares worth a net Rs 156.08 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 844.33 crore in the Indian equity market on July 18, as per provisional data available on the NSE.  

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Brent crude fell 0.35% to USD 105.90 per barrel. In early trade on Tuesday, the rupee fell 7 paise to an all-time low of 80.05 against the US dollar, mirroring the strength of the American currency and robust crude oil prices.