Markets Open Lower As Global Cues Remain Weak

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Benchmark indices opened the day lower, as Asian markets were weak, despite higher closings across the US markets.

 Markets Open Lower As Global Cues Remain Weak
A weak rupee, which hit a 2-month low, also weighed on sentiments. The Sensex was trading lower by 82 points, while the Nifty was down 28 points in trade.

Leading the set of gainers in trade were BPCL and Tata Motors DVR. There were reports that LIC has hiked its stake in Tata Motors substantially in the last few months.

BPCL also gained ground after a slight drop in oil prices. However, most of the other Nifty stocks were trading in the red.

Notable losers in trade were the PSU banking stocks including the likes of Punjab National Bank, Bank of Baroda and State Bank of India.

Shares in V Mart retail rallied 13 per cent on reports that Morgan Stanley and renowned investor Ashish Dhawan had made purchases in the company.

Shares in Sun TV slumped 6 per cent, after early election results showed that the AIADMK was set to return to power in Tamil Nadu.

However, IDBI Bank and IRB were among the few gainers in trade from the Mid cap space.

Shares in J K Lakshmi Cement rallied after the company reported better than expected results. Meanwhile, most of the Asian markets were trading lower.

Read more about: sensex, nifty
Story first published: Thursday, May 19, 2016, 9:41 [IST]
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