Global cues drag markets lower, Realty weighs

The markets started in the red owing to the negative cues from the global markets at large. The Sensex started at 18,247, down 67 points and the Nifty lost 25 points to start at 5,492. In the broader markets, the smallcap has opened flat with a positive bias while the midcap index opened down 0.3%. As the sell off in the rate sensitives continued, the Sensex slipped 161 points at 18,151 and the Nifty came off 48 points at 5,468.

Major Asian indices have slipped in morning trades with Nikkei and Hang Seng down half a per cent each. Shanghai Composite has slumped 1.7% to 2,656. Seoul and Taiwan markets are down over 1.5% each.

In US, a weak manufacturing report erased all the early gains of the market. Stocks rose in early trades on hopes of a resolution to the debt standoff. The Dow ended down 11 points at 12,132. Nasdaq was down 12 points at 2,744. The Standard & Poor's  Index fell  0.4%, to 1,287.

All the sectoral indices opened in the negative with rate sensitive, Realty and Bankex down 1% and 0.7% respectively leading the losses. Orbit Corporation down 1.5% followed by Indiabulls Real Estates, DLF and Parsvnath Developers losing 1% each are the draggers in the realty space.

The one sector doing well in an otherwise subdued market is the fertilizer stocks. All the scrips listed on the BSE are trading in the green. Chambal Fertilizers up 4.5%, National Fertilizers up 3% and Nagarjuna Fertilizers adding 2% are the top gainers.

Bajaj Auto up 0.4% and ONGC up 0.1% are the only gainers among the Sensex stocks in the opening trades.

The top losers among the Sensex stocks are Jaiprakash Associates, DLF, Sterlite,Reliance Infrastructure, L&T, Hindalco and Wipro losing 1-2%

The market breadth is negative. Of the total 1294 stocks traded on the BSE, 812 stocks have declined while 438 advanced.