The Indian stock market opened on a weak note this morning with investors tracking global cues and pressing sales in several blue chip stocks from across various sectors. Lingering concerns about the looming fiscal cliff took a toll of stocks on Wall Street overnight and set up a weak start for markets acros the asian region this morning and rendered the mood bearish on the Indian bourses as well.
Besides concerns about U.S. and European economies, recent weak economic reports from the domestic front are also contributing to the bearish sentiment at present.
The BSE benchmark Sensex, which plunged by around 180 points to 18,439.06 at the start, is currently at 18,492.13, down 126.74 points or 0.68% from its previouis closing mark. The Nifty index of the National Stock Exchange is down 36.25 points or 0.64% at 5630.70, around 15 points off an early low of 5615.40.
Information technology, automobile, metal and FMCG stocks are among the most prominent losers. Oil, healthcare and bank stocks too are quite subdued in opening trades. Select capital goods, consumer durables and realty stocks are edging higher.
Sun Pharmaceuticals is down 2.4%. Infosys is trading lower by around 2%. Tata Consultancy Services, Wipro, ITC, Tata Motors, Hero Motocorp, Tata Steel, ONGC, Maruti Suzuki and Mahindra & Mahindra are down 1% - 1.8%.
Jindal Steel & Power, Hindalco, Reliance Industries, ICICI Bank and HDFC Bank are also trading notably lower.
Ultratech Cement, down by a little over 5%, tops the list of losers in the Nifty index. Jaiprakash Associates is down nearly 2% on weak results. Sesa Goa, Reliance Infrastructure, ACC and Siemens are also trading notably lower.
Bharti Airtel is trading stronger by 3.5%. GAIL India is up 2.6%. Kotak Bank, DLF, HCL Technologies, Cairn India, Larsen & Toubro, Ambuja Cements, Tata Power and Hindustan Unilever are also up in positive territory with smart gains.