Markets fall as Fed begins scaling back QE3

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Markets fall as Fed begins scaling back QE3
Markets which opened the day higher lost ground after investors booked profit following the Federal Reserve's decision to begin scaling back its stimulus programme or QE3.To read more about QE3 click here

The Sensex was last trading lower by 48 points, while the Nifty lost 13 points in early trade. Banking stocks which had rallied substantially in trade on Wednesday dropped as profit taking began in select stocks.

Banking stocks that lost ground in trade were ICICI Bank, State Bank of India, Canara Bank and Union Bank of India.

Kotak Mahindra Bank was last trading 1.6 per cent lower in trade. Heavyweight, Reliance Industries was also trading lower, while software stocks were marginally positive. Among the software stocks that gained in trade were HCL Tech, Infosys and Tata Consultancy Services.

Bharti Airtel which had gained more then 4 per cent in trade on Wednesday fell and was trading 1 per cent lower.

Pharma stocks were also trading lower with Cipla, Dr Reddy's among the early losers in trade. The mid cap index was trading higher with stoks like GMR and Jubilant Foodworks among the gainers in trade.

Meanwhile, Asian markets including the Shanghai Composite and the Hang Sang, which had rallied in trade fell after profit taking began setting in.

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