Poor global sentiments drag indices lower

Updated: Wednesday, October 10, 2012, 9:33 [IST]

Indian benchmark indices opened the day lower as weak markets across Europe, Asia and the US weighed on sentiments.

The Sensex was trading lower by 97 points at 9.30 am IST, while the Nifty dipped 34 points and was trading at 5670 points.

India's largest private sector company Reliance Industries dropped after reports that it may have to shut key gas producing fields in the KG D6 block in 2015/16 weighed on sentiments. The stock was down 0.86% in early trade.

Shares of Sesa Goa dropped marginally after the company reported poor iron ore output during the quarter. Kingfisher Airlines lost 4.5% and was seen trading at Rs 11.45 after reports that the aviation regulator has asked the airliner, which faces a possible shutdown by the government after an extended grounding of its fleet, to stop selling tickets.

Top losers from amongst the Nifty stocks were Jaiprakash Associates, DLF, Bhel and BPCL. Gainers from amongst the Nifty stocks were HCL Tech, Ranbaxy Laboratories and ACC.

Shares of Tata Steel were trading firm after the company reported good steel output.

Markets are expected to remain choppy ahead of the earnings season that kicks in with the results of Infosys. Indices are likely to also track global developments especially in the light of poor sentiments emerging from the eurozone region.

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