Sensex trades lower on sharp drop in global markets

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 Sensex trades lower on sharp drop in global markets
The Sensex and the Nifty opened lower and stayed in the red, as a sharp sell-off in the US and European markets affected sentiments.

The Nifty was down 27 points in early trade, even as the Sensex lost 62 points to trade at 19,683 points. Bhel was the biggest loser among the index stocks dropping 2.21 per cent, while other stocks that lost ground were Jindal Steel, Hindalco, Hero Motor Corp, Larsen and Toubro and Sterlite Industries.

Among the gainers from the index stocks were Sun Pharma, ONGC, Infosys, Gail and Tata Power. Shares of PSU banks which dropped sharply on Monday following a disappointing set of numbers continued to lose ground in trade today. Among the losers from the PSU banking space were Allahabad bank, IOB, IDBI Bank, Canara Bank, Union Bank of India and Bank of India.

Realty stocks also came in for some selling pressure with top losers from the sector being Anant Raj, DB Realty, Unitech and DLF.

The Bank Nifty was down by 0.78 per cent in trade with private sector banks like Axis Bank, HDFC Bank and ICICI Bank all losing ground.

Jain Irrigation dropped 5 per cent after the company reported a loss for Q3 FY 2013. United Spirits on the other hand gained after the company reported a good financial performance.

NTPC was down marginally after reports of a government stake sale to happen later this week. Rural Electrification Corporation was down despite the company reporting a good set of numbers.

Meanwhile, all of the Asian markets were trading lower including the Japanese Nikkei, the Chinese Shanghai Composite, the Korean Kospi and the Chinese Shanghai Composite.

Indian markets are expected to remain volatile and track global markets as the next big trigger would be the Union Budget to be unveiled later this month.

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