Markets open lower on worries over sliding rupee

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Markets opened the day lower on worries over a sliding rupee, which breached the 56 mark against the dollar in trade today. The Sensex was trading lower by 55 points, while the Nifty lost 20 points in trade.

Among the top gainers from the Nifty stocks were Sun Pharma which rallied more then 4 per cent on a spectacular set of Q4 numbers. Other gainers included Gail, BPCL, Coal India and Cipla. Bharti Airtel which had rallied in the last couple of sessions lost ground in early trade. Hindalco too lost ground after the company reported a poor set of Q4 2013 numbers.

The technology pack, however, continued to rule firm led by gains in TCS and Infosys. A falling rupee largely saw buying in technology stocks.

Banking stocks were weak in trade today with HDFC Bank, ICICI Bank and IndusInd Bank all dropping in trade. PSU Banks also lost ground in line with private sector banking names with notable losers including State Bank of India, Canara Bank, IDBI Bank and Andhra Bank.

SUN TV was trading higher ahead of its OFS which opens today. The company has set a floor price for OFS at Rs 403/share.

The realty pack continued to see some losses on profit booking with notable losers from the space being Sobha Developers and Unitech.

Meanwhile, markets in Asia were trading higher, except the Hong Kong's Hang Sang index which shed ground. Indian Markets will now take cues from the GDP numbers that are expected later on Friday.

Read more about: sensex, nifty
Story first published: Wednesday, May 29, 2013, 9:32 [IST]
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