Indian stocks are drifting lower in early trades Thursday, with a weak lead from global markets, the decision to defer a meeting of the GST Council by a week, a weaker rupee and the lowering of India's GDP growth forecast to 6.8% by Goldman Sachs weighing on sentiment.
Automobile, bank, capital goods and power stocks are among the notable losers. Oil, realty, healthcare and information technologies have got off to a mixed start.
The BSE benchmark Sensex, which declined to 25,880.78, is now at 25,946.51, down 105.30 point or 0.4% from its previous close.
The Nifty50 of the National Stock Exchange is down 47.35 points or 0.6% at 7985.95.
In the forex market, the rupee opened at 68.74 against the U.S. dollar, its lowest in nine months, and is not far away from a record closing low of 68.85 a dollar. The currency is down on the back of recent pull-outs from the market by foreign investors and on speculation about U.S. interest rate hikes happening sooner than earlier thought.
Tata Motors, Lupin, NTPC, Adani Ports and Axis Bank are down 1% - 2%. ICICI Bank, Sun Pharmaceutical Industries, Larsen & Toubro, Mahindra & Mahindra, Maruti Suzuki, Tata Steel and State Bank of India are lower by 0.75% - 1%.
Tata Motors DVR is declining nearly 2%. Eicher Motors is down 1.8% and Bosch is down 1.6%. Bank of Baroda, Kotak Bank, Yes Bank, Ambuja Cements and Idea Cellular are also notably lower.
Bucking the weak trend, Hindalco, Infosys, Tech Mahindra, Wipro and Dr Reddy's Laboratories have edged higher, gaining 0.3% - 0.7%.