Markets open lower on weak global cues

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Markets open lower on weak global cues
Markets opened the day lower on weak global cues and a fall in the Indian rupee. Fears that the US Federal Reserve would begin its QE3 tapering this month added to pressure on the global and Indian indices.

The Sensex was trading lower by 83 points, while the Nifty lost 28 points in early trade. Capital goods and banking stocks witnessed some declines in trade with notable losers being Larsen and Toubro, which dropped 1.2 per cent, while other losers were Tata Power and Tata Steel.

Tata Motors continued its sharp decline for a second day in a row dropping 1.75 per cent. Shares that gained in trade today were HDFC, HDFC Bank, ITC and Tata Consultancy Services.

PSU banking stocks continued to trade weak with notable losers being Andhra Bank, Bank of Baroda, Allahabad Bank and Canara Bank.

Mid cap stocks also saw some selling pressure today with Petronet LNG, HPCL and Hindustan Zinc among the losers.
Capital goods stocks which had rallied heavily in the last few trading sessions lost ground today. Notable losers were Voltas and Crompton Greaves.

Real estate stocks were not having a particularly good day in trade with Sobha Developers, Unitech and DLF among the losers.

Private sector banking names continued to trend lower with notable losers being ICICI Bank, IndusInd Bank and Yes Bank.
Meanwhile, most of the Asian markets were trading with losses led by declines in the Japanese Nikkei and the Jakarta Composite. The Taiwan Weighted dropped almost 1 per cent.

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