Markets trade lower as US debt ceiling fears weigh

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Markets trade lower as US debt ceiling fears weigh
Markets were trading weak following fresh worries over the US debt ceiling crisis. Sentiments across Asia were also weak with most of the major indices lower in trade.

The Sensex was trading lower by 99 points, while the Nifty was lower by 30 points in early trade. Banking stocks exhibited a weakish trend with ICICI Bank down more then 2 per cent, while other prominent losers were Punjab National Bank, State Bank of India and IndusInd Bank.

Among the prominent gainers in trade today was HCL Tech, which continued to rally, while DLF, BPCL and Tata Motors gained in trade.

Pharma shares were doing well in trade with Lupin, Sun Pharma and Ranbaxy among the gainers. Larsen and Toubro which rallied substantially in trade on Monday lost ground today.

Mid cap stocks were trading flat. However, Reliance Communications, HDIL and Sun TV Networks were among the gainers.

Auto stocks saw some selling pressure after car sales did not match expectations. Among the auto stocks that declined in trade were Maruti and Mahindra and Mahindra.

Infosys was trading flat ahead of its results to be declared later on Friday.

Meanwhile, markets were in Asia were trading lower, following worries over the US debt ceiling.

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