Sensex trades lower on weak Asian cues; Maruti dips on Gujarat plant concerns

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Sensex trades lower on weak Asian cues; Maruti dips on Gujarat plant concerns
Indian markets opened the day lower as worries over China's economy continued to leave investors anxious. Most of the Asian markets were lower pulling the Sensex lower by 36 points in early trade.

Metal stocks continued to head lower with losses seen in Hindalco, Tata Steel and Sterlite Industries.
Reliance Industries was trading lower as the final Supreme Court hearing on gas pricing for the KG gas basin begins.

Banking stocks which saw marginal profit booking in trade on Tuesday were down once again on profit booking. Yes Bank, State Bank of India and Punjab National Bank were among the early losers.

Maruti Suzuki was trading lower after domestic institutions resented to the company's recent idea of outsourcing manufacturing activity for its Gujarat Plant. The stock was down 3.4 per cent in trade.

Unitech was trading up despite reports that LIC was close to seizing its Noida land.

Mid cap stocks which fell sharply in trade in the last 30 minutes on Tuesday were trading higher. Notable gainers were Aurobindo pharma, Havells India, Jubilant Foods and Crompton Greaves.

Real estate stocks were also trading with gains. Among the notable gainers were HDIL, DLF and DB Realty. Sun Pharma which fell sharply in trade on Tuesday recovered lost ground and was trading with gains.

Meanwhile, markets in Asia were lower on worries over Chinese Growth. The Japanese Nikkei saw a huge loss of 2.2 per cent, while the Seoul Composite as down 1.22 per cent.

Story first published: Wednesday, March 12, 2014, 9:36 [IST]
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