Sensex, Nifty open weak; Infosys, ITC drag indices lower

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Sensex, Nifty open weak; Infosys, ITC drag indices lower
The Sensex and the Nifty opened the day lower as shares in heavyweights Infosys and ITC dragged the indices lower.

The Sensex was trading with a loss of 30 points, while the Nifty fell 11 points in early trade. Apart from Infosys and ITC other stocks that fell were Gail, HDFC Bank and Wipro.

Stocks that gained in early trade from the Nifty were Bhel, ICICI Bank and Mahindra and Mahindra.
Cipla was trading higher on reports that the drug maker has signed an agreement with its Iranian distributor for setting up a manufacturing unit in that country.

PSU banking stocks saw some recovery in trade were Indian Overseas Bank, Syndicate Bank, Union Bank of India and Bank of India.

ICICI Bank was the winner among the private sector banking space. Shares in DLF continued to show signs of weakness and was down 2 per cent in early trade.

Markets are expected to move in a range ahead of results from Infosys towards the weekend.

Meanwhile, markets in Asia were trading flat with the Shanghai Composite marginally down in early trade.

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