Indian indices open lower; track weak Asian markets

Commentary

oi-Sunil

By Sunil Fernandes

Published: Wednesday, August 22, 2012, 9:39 [IST]

India's benchmark indices opened lower today, tracking weak markets across the globe. The BSE Sensex was trading lower by 45 points at 17,839 points, while the Nifty was trading lower by 15 points at 9.25 am IST.

Among the shares the lost ground today were the metals pack including shares of Sesa Goa, Sterlite Industries and Tata Steel. Bharti Airtel lost another 2% in trade today. On Tuesday a leading brokerage firm had downgraded the stocks rating.

Shares of NCC, Shipping Corporation and Central Bank were trading in the negative following a decision by the NSE to exclude these companies from the F&O segment from the October contract.

Shares that saw gains in trade today were Hero MotorCorp, Hindalco, Ranbaxy Laboratories and Sun Pharma. Shares of FDC surged following the company's decision to buyback shares at Rs 110.

Meanwhile, shares in Asia were trading significantly lower on weak overnight closings in the US. The Japanese Nikkei, Korean Kospi and the Taiwan Weighted were all trading significantly lower.

Global markets are expected to take cues from the minutes of the Federal Reserve meeting, which will be made public today. Indian markets do not have any major domestic triggers and are likely to track global markets.

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