2016 began on a more sombre note, as the Sensex opened lower as most markets across the globe were closed for trading for the new year.
Poor core sector data, which was out after market hours on Thursday continued weigh on sentiments.
The Sensex opened the first day of trading for 2016 (Jan 1, 2016) lower by 62 points at 26,054 points as markets continued to suffer from hangover of 2015.
Select banking stocks like ICICI Bank, Axis Bank and IndusInd Bank continued to trade lower. Metal stocks fell as Chinese factory output showed a contraction. NMDC, Vedanta and Tata Steel were among the early losers in trade.
Oil and gas stocks fell, as crude oil and gas production for Nov showed a decline. ONGC and Cairn India both declined marginally. Oil Marketing Companies also saw their share prices weak, after a decline in petrol and diesel prices.
Stocks that managed to hold ground were banking stocks like Punjab National Bank and State Bank of India. In fact, Punjab National Bank had hit a 52-week low on Thursday.
Lupin and Vedanta were the only stocks that managed to hold ground from the Nifty. The midcap space managed to, hold some ground, though Bata India lost close to 2 per cent in trade.
Meanwhile, markets across Asia were closed for trading.