Markets open lower; DLF dips on Vadra links

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 Markets open lower; DLF dips on Vadra links
Markets opened the day marginally lower tracking weak Asian cues, with the Sensex down 62 points, while the Nifty was seen trading at 5732 points, down 14 points over Friday's close.

Shares of real estate major DLF lost 3%, after India Against Corruption Crusader Arvind Kejriwal revealed some "sweetheart" deals between the company and Robert Vadra, Congress President Sonia Gandhi's Son in Law.

Shares of Tata Power dropped 2%, after Moody's downgraded the company to B1 from Ba3. The downgrades reflect the deterioration in Tata Power's credit quality as a result of the impact of weak coal prices on its Indonesian coal mines.

Broking firm Emkay global dropped another 10% in trade today, following Friday's 10% crash in the stock after the company entered erroneous trades which led to the Nifty crashing on Friday.

Shares of Kingfisher Airlines continued to drop after the DGCA issue a show cause notice to the company.

Among the top gainers from the S&P CNX Nifty were Sun Pharma, Cipla, Tata Motors and TCS. Banking stocks witnessed a subdued trend with Axis Bank, ICICI Bank and State Bank of India dropping in early trades.

Meanwhile, shares in Asia were trading weak following weak closing in the US. Markets are expected to be rangebound this week in the absence of any major triggers.

Read more about: sensex, nifty
Story first published: Monday, October 8, 2012, 9:32 [IST]
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