Sensex, Nifty Open Lower On Weak Global cues

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, May 6, 2015, 9:27 [IST]

The Sensex and the Nifty opened the day lower as global cues remained weak after poor closings across the US markets.

The Sensex was trading with losses of 73 points, while the Nifty was down 32 points in early trade. Leading the set of losers in trade were stocks from the banking sector including the likes of ICICI Bank, Yes Bank, Kotak Bank and IndusInd Bank.

HDFC and HDFC Bank continued to be weak for a second day in a row. Shares in Tata Motors and Bhel were down more than one per cent each.

Software stocks also failed to lend any support to the market with TCS, Infosys, Wipro and HCL Tech among the losers.

Shares in Torrent Pharma were up 4 per cent after reports that the company will acquire Zyg Pharma for an undisclosed amount.

Tube Investments surged a huge 7 per cent in trade after the company's Q4 consolidated net profit jumps to Rs 147.5 crore versus Rs 69.2 crore.

Shares in Kotak Mahindra saw some selling pressure after witnessing a 6 per cent rally following a good set of numbers on Tuesday.

Meanwhile, markets across Asia were trading mixed with the Shanghai Composite recovering in trade, while the Kospi was trading with marginal losses.

GoodReturns.