Markets open in red: Sensex falls 170 points, below 58,000; Nifty under 17,300

Indian shares fell on Tuesday, after four straight sessions of gains, weighed by metal stocks amid a weaker Asian market over recession worries.

The NSE Nifty 50 index was down 0.34% at 17280.55, as of 0347 GMT, and the S&P BSE Sensex fell 0.25% to 57,968.04.

Domestic equities slipped as oil prices extended losses from the previous session, heightening investor fears of a recession due to weak manufacturing data in China, Europe and the United States.

Meanwhile, India’s Finance Minister Nirmala Sitharaman told parliament on Monday the country will not slip into recession or stagflation, after opposition parties raised concerns about rising inflation and its impact on the economy.

In domestic trading, the Nifty metal index fell 1.2% and was the worst performing sub-index. If the losses hold, it is set to snap four straight sessions of gains.

Cigarettes-to-hotel conglomerate ITC Ltd rose over 2% after the company late on Monday reported a 38% year-on-year jump in quarterly profit.