Sensex, Nifty Open Lower; Nestle Falls Another 3%

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Benchmark indices opened the day lower once again in trade on weak global cues with the Sensex dropping 66 points in early trade and the Nifty falling another 18 points.

Sensex, Nifty Open Lower; Nestle Falls Another 3%
Sensex28,077.18Sensex Quote-52.66 [0.19%]
Nifty8,693.05Nifty Quote-6.35 [0.07%]
Pharma shares saw some gains in early trade with Sun and Dr Reddys among the gainers. Shares in Nestle India continued to grind lower following ban on its Maggi range of products in other states. The stock was down another 2.88 per cent in trade.

IT stocks continued to see some selling pressure with Infosys, TCS and HCL Tech among the losers. Banking stocks were having a mixed session in trade with ICICI Bank seeing marginal gains, while HDFC Bank and Axis Bank dropped.

Lupin Labs was trading higher after the company said that it had got US FDA approval for generic Exforge HCT.

Just Dial was up after the company approved a buyback of shares at Rs 1550 per share. Debt laden companies from the real estate sector continued to see their share price tumble. DLF and Unitech were among the losers. JP Associates was also lower by almost 3 per cent. Britannia and Emami were among the mid cap gainers in trade.

Meanwhile, markets across Asia were trading mixed after weak cues from the US. The Shanghai was marginally down after touching the highest levels since 2008 in intra day trading. The Hong Kong's Hang Sang, Singapore's Strait Times and Korean Kospi were all lower.

Read more about: sensex, nifty
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