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Sensex Opens Lower On Weak Global Cues
Benchmark indices opened the day lower once again in trade, as most of Asia was trading weak, following a slump in commodity prices, particularly crude oil.
The Sensex was trading with losses of 37 points at 25,472 points, while the Nifty was down 8 points in early trade.
IT Stocks were also seeing some selling pressure after after US Lawmakers introduced a hefty $4,000 on H-1B visas for Indian IT companies. Infosys, TCS, Wipro and Tech Mahindra were all trading lower. HCL Tech, however, managed to motch-up gains in early trade.
IDBI Bank was up 3 per cent after reports that the company plans to sell 20 per cent stake in its life insurance JV for Rs 800 crore.
Select other banking stocks were trading higher, including the likes of ICICI Bank and Yes Bank. Jubilant Lifesciences was up 4 per cent after the the Reserve Bank allowed foreign investors to invest up to 45 per cent in the company.
Meanwhile, markets across Asia were trading mixed with the Shanghai Composite, the Hang Sang and the Straits Times higher, while the Japanese Nikkei lost ground in trade.
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