Sensex Opens Lower, Global Markets Weak

Benchmark indices traded lower, as Asian markets dropped and the US markets had a weak trading session.

The US Federal Reserve kept benchmark short-term rates near zero and said it would keep buying bonds, targeting $80 billion a month in Treasurys and $40 billion in mortgage-backed securities.

The US Fed also said that the US GDP could fall 6.5% in 2020 but could see a strong bounce to 5% gain in 2021.

The Sensex was trading with losses of 188 points, but still above the 34,000 points level. The Nifty was trading with losses of 51 points at 10,061 points.

Shares In Yes Bank gained ground, after it said that it has applied to the stock exchanges for re-classification of promoter shareholding post the reconstruction scheme for the lender in March this year.

Shriram Transport Finance saw its share price gain 2 per cent, despite a dip of 70 per cent in its consolidated net profits for the period ending March 31, 2020. Top losers from the Nifty in early trade were Sun Pharma, GAIL, Bharti Infratel, Tata Motors and HDFC Bank.

Stocks that gained ground from the Nifty were IndusInd Bank, UPL, HeroMotor Corp and ITC. Meanwhile, the rupee opened marginally strong at 75.59 to the dollar.