Indian Markets Open Weak; Banking Stocks Fall

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, July 24, 2015, 9:33 [IST]

Benchmark indices opened the day weak as banking stocks dropped and weak cues from around Asia pushed markets lower.

The Sensex was trading with losses of 30 points, while the Nifty fell 9 points in trade. Shares in Wipro fell more than one per cent after the company reported numbers that lagged estimates. Check top Sensex gainers and losers

Other IT stocks, however, managed to stay in the green with TCS, Infosys and HCL Tech among the gainers.

Tata Steel which slumped to a 52-week low on Thursday continued to lose ground. GAIL and Tata Motors was the top loser in trade from the Nifty.

Bajaj Auto whose shares slumped on Thursday following a weakish set of results managed to trade day higher.

Cairn India which rallied 6 per cent on Thursday following hopes that Cairn Energy may vote against the Cairn Vedanta deal, lost ground.

SUN TV Network was up for the second straight day after the Madras High Court allowed the company to participate in the FM radio auctions.

Mid cap index was also trading lower in line with the benchmark indices. Mphasis, Voltas and Union Bank were the losers from the space.

Meanwhile, most of the Asian markets were trading lower on weak cues from the US.

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