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Sensex Opens Sharply Lower; Asian Markets Trade Steady
Benchmark indices opened the day sharply lower even as Asian markets were having a quiet trading session.
The Shanghai Composite saw bouts of volatility after the People's Bank of China (PBC) cut interest rates, but was trading with gains. The PBC also reduced the RRR by 50 bps to calm the markets.
Check Sensex gainers and losers Other markets that saw gains were the Hong Kong's Hang Sang, the Korea Kospi and the KLSE composite.
The mid cap index was once again seeing deep cuts with stocks like Britannia, Concor and DLF among the major losers in trade. Shares in Indiabulls Real Estate shares fell more than 5 percent.
Banking stocks were once again taking a bad hit with ICICI Bank, Yes Bank and State Bank among the major losers in early trade.
IT stocks also continued to lose ground with HCL Tech and Infosys among the major losers. Metal stocks which saw a brief recovery in trade on Tuesday, once again saw deep cuts with Vedanta, Tata Steel and Hindalco among the losers.
Meanwhile, the rupee was trading at 66.24 to the dollar against previous close of 66.1.
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