Markets Open lower Again As Crude Oil Slides; Global Markets Tank

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, February 24, 2016, 9:42 [IST]

Benchmark indices opened the day weak, tracking global markets, after Saudi oil Minister, said "No" to oil production cuts, which sent oil prices tumbling.

Asian markets were lower, with the Japanese Nikkei and the Shanghai Composite both diving 1 per cent. The Sensex was trading with losses of 134 points, while the Nifty was down 40 points in trade. Banking stocks led the drop again with ICICI Bank, hitting a fresh 52-week low, with other banking stocks like HDFC Bank, Canara Bank, Yes Bank joining the rout.

Shares in Tata Motors, which had rallied following the introduction of its DVRs to the Nifty from April 1, 2016, dropped 2 per cent on profit booking.

Infosys and Reliance were the two stocks that remained resilient from the Nifty and were trading marginally higher. Stocks that supply to the railways were trading lower ahead of the Rail Budget on Feb 25, 2016. Texmaco and Titagarh were down, while Timken was marginally higher.

NMDC dropped as much as 10 per cent, after the company's shares went ex dividend. Power Finance Corporation was lower after the company delayed its fund raising programme.

Meanwhile, markets across Asia were trading with losses, while the rupee opened at 68.65 to the US Dollar.

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