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Rupee, global cues drag Nifty below 4,900

Global cues weigh

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The have opened marginally lower in trades today tracking weakening Indian rupee and negative global cues. The has opened at 16,183 and the is at 4,894 down 14 points. On the domestic front, the rupee slipped to 54.15 against the greenback in opening trades, post which, it gained ground as the Reserve Bank of India (RBI) sold dollars via state-run banks.

Overnight, the US markets fell on concerns that Greece might have to exit the Eurozone and the possibility that China's economy may be softening more than previously thought. The Dow Jones industrial average dropped 125 points, or 1%, to close at 12,695. The S&P 500 Index lost 15 points to 1,338 and The Nasdaq Composite Index fell 31 points to 2,902.

The Asian markets are also trading in the red. the Nikkei is down 108 points at 8,865, Hang Seng is down 14 points at 19,720 and the Shanghai is down 16 points at 2,364.

Meanwhile, Moody's Investors Service downgraded the long-term debt and deposit ratings for 26 Italian banks on Monday, citing the country's recession and rising bad debt levels.

On the domestic front, the rating agency has cut RIL's credit rating to negative on concerns regarding falling gas output from the KG-D6 basin. It also cut the standalone bank financial strength rating for Axis Bank, ICICI Bank and HDFC Bank from C- to D+. The rating now maps to a baseline credit assessment of Baa3 from Baa2 on the long term scale.

In the opening deals, Grassim is the top loser among the Nifty stocks, down 1% at Rs 2,310. Maruti Suzuki, Axis Bank, NTPC. ONGC, Dr Reddy's Lab, Bank of Baroda, HCL Technologies, IDFC, Sun Pharma, Ranbaxy and Power Grid have also opened lower. On the other hand, Larsen & Toubro, BPCL, DLF, Cairn India, Asian Painta, Bajaj Auto and BHEL are among the notable gainers.

On the sectoral front, healthcare index is the top loser, down 0.4% at 6,599. Auto, power, FMCG, PSU and teck indices have also opened lower. At the same time, capital goods, bankex, oil & gas, metal and realty indices are trading marginally higher.

The broader markets are also in the red. The BSE mid-cap index is down 5 points at 5,883 and the small-cap index is down 20 points at 6,295.

The overall breadth is negative as 626 stocks are declining while 449 are advancing.

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