After opening on a positive note the markets have dipped lower in the morning deals on the back of profit booking visible among the heavyweight stocks. The Sensex has shed 11 points to 18,662 and the 50-share Nifty is down 10 points at 5,659.
Meanwhile, Jindal Steel is the tiop gainer among the Sensex stocks. It is trading weaker by 3% at Rs 430 on reports on reports that the company has raised a bridge loan of Rs 660 crore to fund its CIC Energy acquisition.
Tata Steel, Tata Motors, ONGC, HDFC Bank, Hero MotoCorp, Sterlite Industries, Hindalco, Coal India, reliance industries, Bhrti Airtel and SBI are also among the laggards, down 0.5-1.7% each.
On the sectoral front, Realty, metal, benakex, auto, oil & gas, PSU and consumer durable indices are down 0.2-1% each.
(Updated at 9.17 AM)
Markets have opened higher in trades today ignoring subdued global cues. The Sensex has advanced 90 points to open at 18,763 and the 50-share Nifty is up 32 points at 5,702 levels. Buying is visible across the board and most of the Sensex stocks have opened higher by 1-2% each.
Overnight, The US stocks edged lower on Monday as a disappointing forecast from Caterpillar and weak German data increased concerns that global growth may remain sluggish.
An index of German business sentiment declined for a fifth consecutive month in September, showing Europe's strongest economy was moving closer toward recession as the euro zone's debt crisis remains unresolved.
Dow Jones industrial average declined 20 points, to 13,559 at the close. S&P 500 Index shed 3 points, or 0.22 percent, to close at 1,457 and the Nasdaq Composite Index dropped 19 points to close at 3,161.
Asian shares eased on Tuesday after sentiment was weakened by data showing Germany's business confidence dropped in September. Uncertainty about the bailout prospect for Greece and Spain, which are the two major risks in what has become the euro zone's three-year-long debt crisis, also undermined investors' risk appetite.
The Hang Seng was down 0.1% or 26 points at 20,672, Shanghai Composite slipped 8 points to 2,025, Seoul Composite slipped 10 points to 1,993 and the Taiwan Weighted was down 27 points at 7,741. While, Nikkei was up 26 points at 9,095 levels.
Back home, BHEL is the top gainer among the Sensex stocks. It has opened higher by nearly 3% at Rs 254. State Bank of India, Tata Power, HDFC, NTPC, Hindalco, Larsen & Toubro, Mahindra & Mahindra, Tata Motors, Reliance Industries, ICICI Bank, TCS and Hero MotoCorp are also opened higher by nearly 1-2% each.
On the other hand, HUL, HDFC Bank, Wipro, Cipla, Infosys, ITC and Sun Pharma are among the notable losers from the heavyweight pockets.
Buying is visible across the board. Power stocks are on the buyers radar after the Cabinet Committee on Economic Affairs (CCEA) approved the package, which would restructure the debt of distribution companies by asking state governments to take over half of their short-term debt, with the remaining to be rescheduled by lenders.
The BSE power index is the top sectoral gainer. The index has advanced 1.6% or 33 points to 2,057 levels. Capital goods, realty, PSU, bankex, auto, metal, FMCG and oil & gas indices are also up 0.2-1.2% each.
The broader markets are in-line with benchmark indices. The BSE mid-cap and small-cap indices are up 0.5% each.
The overall breadth is positive as 921 stocks are advancing while 350 are declining.