Asian peers were trading lower after JP Morgan Chase posted a loss of $2 billion due to a failed strategy and after China’s yearly consumer inflation rose to a better than expected level in April, crashing hopes for further policy easing from Bejing. Markets chose to ignore the US jobless claims report which signalled a pickup in hiring.
In Asia, the Nikkei 225 was trading down by 0.14%, while the Hang Seng lost 1.12% and the Shanghai Composite was down 0.25%.
At 9.50 am IST, the Sensex was trading at 16331.82 points, down 88 points and the Nifty was at 4935.95 points, down 29.75 points.
All the sectors on the BSE were trading in the red. Realty and IT were laggards in morning trade. While on the losing side, the stocks that failed to lure investors in the morning trade were the Maruti Suzuki, SAIL, Grasim and Ambuja Cement.
Among the stocks that gained today in early trade were Jaiprakash Associates, Hero Motocorp, BPCL, BHEL.