Indian Markets Trade Lower On Weak Global Cues

Benchmark indices opened the day lower tracking weak global cues. The Sensex was trading lower by 118 points, while the Nifty was down 38 points in trade.

Leading the set of losers was Yes Bank, which fell a huge 9 per cent in trade. Analysts were expecting a positive outcome at the AGM, however, nothing much materialized at the bank.

The stock hit a new 52-week low of Rs 123 on the NSE. IndusInd Bank too dropped sharply and was down a huge 5 per cent. Oil marketing companies were leading the set of gainers in trade, following a huge collapse in oil prices. BPCL, the PSU OMC was leading the set of Nifty gainers in trade. ADAG group stocks were hammered in trade following reports of the statutory auditors of Reliance Capital and Reliance Home Finance resigning.

Meanwhile, Asian shares stuttered amid the uncertainty over an intractable US-China trade dispute, while oil prices steadied with five-month lows on the back of a further buildup in US crude stockpiles and worries about lower demand growth. Wallstreet stocks ended lower during the overnight trade on Wednesday with bank stocks declining as prospects of a US interest rate cut rose and energy shares tumbling along with oil prices.

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