The Indian markets have opened lower tracking global cues. The Sensex was trading 148 points lower at 19,435 and the Nifty declined 46 points to 5,828 at 9.50 am.Realty stocks rebounded after Monday's declined. The BSE realty index rose 0.38 per cent. All other sectoral indices were trading in the red. Banking, auto and IT stocks fell close to 0.50 per cent.
Only four stocks rose on the Sensex. Reliance Com was the biggest gainer, rising 0.86 per cent. Jindal Steel, ONGC and Bharti also saw buying interest.
Among the losers, Sterlite saw the biggest cut, falling 2 per cent. The stock had seen a good run-up to the results, rising for the past few sessions. The company reported strong numbers on Monday, announcing a 35 per cent rise in net profit. Maruti declined 1.4 per cent. The stock rose on Monday after the company beat Street expectations in this quarter.
HUL, HDFC, Jaiprakash Associates, M&M, HDFC Bank and ITC declined 1-2 per cent.
The market breadth was weak with only 28 per cent stocks managing to mover higher on the BSE 500 index.
Ambareesh Baliga of Way2Wealth said, "The markets were looking to move up on account of earnings but that has not happened after Infosys and RIL punctured the rally. Earnings show that there is margin pressure coming in despite clear topline gains. 5,900-5,950 is a clear cap for markets though there is not too much downside."
Markets across Asia were trading in the red after the Wall Street saw a dip on Monday. The Nikkei in Japan was trading 1.32 per cent lower. Hong Kong's Hang Seng and South Korean Kospi were also trading in red.
Overnight, the Dow fell 26 points or 0.2 per cent on mixed earnings.
No comments:
Post a Comment