US jobs data, Hollande win drag indices lower; Bankex tumbles

Commentary

oi-Sneha

By Sneha B K

Published: Monday, May 7, 2012, 9:59 [IST]

European election results, which cast a doubt over austerity measures in the Eurozone region and disappointing US jobs data reported on Friday, saw Asian indices tumbling and Indian indices following suit.

The Indian indices opened lower on Monday tracking weak global cues. At 9.30 am IST, the Sensex was trading at 16584.87 points, down 246.21 points or 1.46% and the Nifty was trading at 5010.55 lower 76.31 points or 1.50%.

Asian indices were all trading lower including Nikkei down 2.82%, Strait Times down 1.86%, Kospi 1.65% and Shanghai down 0.26%.

Among sectoral indices on BSE all the sectors were in the red. Bankex was hit badly and was seen down 2.81% in early morning trade, led by frontline banking stocks like State Bank of India and ICICI Bank.

Among the stocks that gained today in early trade were BPCL, Cipla, ACC and Coal India.

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