As expected the benchmark BSE Sensex opened in red. At 9:15 Sensex was down by 492.09 points or 1.41% to trade at 34,589.27 while Nifty was at 10,383.55. The Indian Rupee opens at 72.46 against the US dollar.

It was highly expected that the Indian equity markets would have a negative start on Tuesday on back of sudden exit of RBI governore Urjit Patel citing 'personal reasons'. Investors are also worried about the outcome of the assembly elections in the five major states — Rajasthan, Chattisgarh, Madhya Pradesh, Mizoram and Telangana — which would come in later half of the day.

SGX Nifty Futures traded 136 points lower at 10,382, indicating a negative start for the Sensex and the Nifty 50.

Markets witnessed a mayhem on Monday over weak global cues and the exit polls prediction.

The BSE benchmark Sensex nosedived 713 points to end at 34,959, while the Nifty fell to 10,488, down 205 points or 1.9 per cent Across-the-board selling, led by banking, financial services and energy stocks, dragged the broader markets lower.

Among the top losers were Kotak Mahindra Bank, Indiabulls Housing Finance, Reliance Industries, UltraTech Cement and Bharti Airtel.

Meanwhile, Chinese shares pulled ahead on Tuesday after Beijing confirmed it was still in trade talks with the United States, though sentiment remained fragile in Asia as the pound wallowed near 20-month lows on deepening political turmoil over a Brexit deal.

Chinese Vice Premier Liu He spoke with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer on Tuesday, exchanging views on pushing forward the next stage of trade talks, China's Commerce Ministry said.

The news soothed sentiment somewhat although there were still uncertainties over the prospects for a lasting resolution to a trade dispute that has turned increasingly bitter in the past several months.

However, that barely helped MSCI's broadest index of Asia-Pacific shares outside Japan which was languishing near a 3-week trough.

Japan's Nikkei reversed early gains to be down 0.3 percent and Hong Kong's Hang Seng index eased 0.4 percent.