Nifty Trades Lower On Weak Global Cues

Benchmark indices opened the day weaker, as global cues were weak, following overnight losses on the Dow Jones Industrial Average. Asian markets were trading with losses, including the Japanese Nikkei and the Hong Kong's Hang Sang.

The Sensex was trading lower with losses of 391 points, while the Nifty lost 94 points in trade. Banking stocks continued to remain weak for a secon2d day in a row. HDFC Bank was trading marginally higher after reports that the bank has identified three contenders to succeed CEO Aditya Puri.

Shares in Wipro dropped as much as 2 per cent, after the company reported a drop in net profits and skipped dividends. The company also did not offer revenue guidance for the June quarter, due to the volatile business conditions created by the coronavirus.

TCS, which is slated to declare its quarterly numbers later today, was also trading lower. Among the top gainers from the Nifty space included UPL and Powergrid.

Meanwhile, coronavirus cases in India crossed the 12,000 mark. Investors continue to worry that as the number of tests increase, there is a likelihood that we might see markets fall.