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 with the Sensex falling by 50 points, while the Nifty drifted 16 points in trade.

Larsen and Toubro which reported a good set of numbers was trading higher by 2.4 per cent, and was the top gainer among the Nifty stocks. Other gainers from the Nifty were Tata Power and Maruti. TCS continued to fall for a third day in a row.

Cairn India on the other hand was trading marginally higher ahead of its results to be declared later today.

Top losers from the Nifty in trade today were ONGC, Mahindra and Mahindra and Wipro. Banking stocks saw some selling pressure in trade with the Bank Nifty seeing a cut of 0.45 per cent. Banking stocks that dropped in trade were ICICI Bank, IndusInd Bank and State Bank of India.

Mid cap stocks were also not having a good day in trade. Mid cap stocks were having a good session with gainers from the space being MRF, Union Bank of India and Voltas.

Shares in Raymond gained after the company's results were better than expectations. Housing major HDFC continued to grind higher after its results matched expectations. The stock was up more than 0.50 per cent in trade.

Meanwhile, Asian markets were trading lower with the Hang Sang seeing sharp cuts along with the Seoul Composite and the Strait Times.

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