Benchmark indices opened the day lower as Asian cues remained weak, with most markets in the region trading lower.

The Sensex was down 52 points, while the Nifty traded 19 points lower. Oil and gas stocks led the declines after crude prices fell once again in trade, as tensions between Saudi and Iran eased. ONGC and Cairn India were among the early losers in trade.

Banking sector stocks, which have been beaten down since the start of the week, continued to languish. PNB, Bank of Baroda and Axis Bank continued to see losses in trade. Midcap stocks also continued to see losses with the index being dragged down by stocks like Biocon, Tata Global Beverages and India Cements.

Apollo Hospitals was trading lower after reports of Income Tax raids at the company. Meanwhile, most of the Asian markets were trading lower, while the Shanghai Composite was marginally higher after fresh stimulus announced by the authorities.

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