Markets open lower on weak global cues, falling rupee

Markets opened the day lower on the back of weak global cues and worries over the rupee hitting a new life time low.

The Sensex was trading lower by 107 points, while the Nifty dropped 43 points in trade. Most of the Nifty stocks were trading in the red with Gail, Mahindra and Mahindra and Tata Power seeing deep cuts.

Bhel, which dropped almost 20 per cent in trade on Monday, lost another 2 per cent after a poor set of numbers.

Financial Technologies which had rallied on Monday following clarifications over the NSEL, shed 20% and was locked at the lower end of the circuit filter.

Wockhardt was down 5% again today with only sellers at the counter. Among the Nifty stocks that saw some buying support were the tech stocks including Tata Consultancy Services and HCL Tech. Heavyweights, ITC and Reliance were also trading marginally lower.

Banking stocks came in for severe selling pressure in trade with notable losers from the space being HDFC Bank, ICICI Bank and IndusInd Banks. PSU banking stocks also saw sharp cuts with prominent losers from the space being Oriental Bank, Union Bank, Syndicate Bank and Bank of Baroda.

The realty pack was also trading lower with Unitech down 1 per cent ahead of its results. DLF was down 4% in trade, while Oberoi Realty also dropped by 4% in trade.

Meanwhile, most of the Asian markets apart from the Indonesian markets were lower in trade.

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