Nifty Opens Lower Tracking Weak Asian Markets; All Sectoral Indices In Red

Indian markets mirroring trend overseas as in the US stock markets which slumps by over 2% on the NASDAQ opened lower. Nifty Bank and broader markets too saw selling pressure but performed better in comparison to headline indices.

At the opening, Nifty traded with a cut of 91 points at 16,125, while Sensex was down by close to 300 points.

Nifty Opens Lower Tracking Weak Asian Markets;

Yesterday, while most of the fall was led by IT pack, there is across the board selling in trade today.

Among the Nifty sectoral indices, there is seen pressure exerted on all the sectors with the underperformer being the metal pack.

Sunteck Realty come up with a robust business update with sales in the previous quarter inching higher remarkably on low base. Collections by the firm has been also healthy.

Asian markets meanwhile are trading negative with Nikkei seeing a cut of over 1.5%.

The risk off sentiment owing to no major catalysts is driving investors to be careful. Moreover inflation data is due to be released this week.

Meanwhile, rupee also started trade on a weak note at 79.43 per US dollar.

Earlier ICICI Direct held the view that Nifty this week could hit its 200 DMA placed at 16,600.