Markets open lower; Infosys trades flat

Commentary

oi-Sunil

By Sunil Fernandes

Published: Monday, April 16, 2012, 9:33 [IST]

Markets opened the day lower on the back of poor global cues and sustained selling pressure. The BSE Sensex was trading at 17050 points, down 44 points from its previous close at 9.20 am. The Nifty too was trading lower at 5192, down 15.45 points.

Infosys Technologies which was down almost 13% in trade on Friday was trading almost flat at Rs 2410.

Today's dip in the markets was largely on account of poor global cues. On Friday the Dow Jones and Nasdaq lost ground on reports that the interest rates on Spanish Bond yields were rising. Continued concerns in Spain and Italy have had an effect on global markets in the last couple of trading sessions.

Among the gainers in early trade today were Reliance Communications, Axis Bank, State Bank of India and Ranbaxy Laboratories. Among the losers were NTPC, Reliance, Sterlite Industries and TCS.

Markets are now expected to seek a direction from the Monetary Policy Review which is to be declared on Tuesday.

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