Markets open lower on weak global cues

Benchmark indices Sensex and Nifty have opened lower owing to weak global cues after investors booked profit in Financials and Auto shares.  Furthermore, the geopolitical crises have dampened the sentiments of the market participants.

 

At 9.15 AM, the Sensex is trading at 25,523 levels down by 38 points and Nifty is trading at 7,627 levels lower by 13 points. 

 

Asian shares sagged in early trading and a drop in Treasury yields pressured the dollar after news of a downed Malaysian airlines jet at the Ukraine-Russia border sent investors scurrying into defensive assets.

 

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent. Japan's Nikkeistock average dropped 1.3 percent.

 

Wall Street had its worst day since April after news that nearly 300 people died in the crash, which a Ukrainian official said was caused by a missile fired at the plane.

 

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The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks. While payment banks will offer remittance services, small banks will offer low-ticket loans and basic banking services within a limited area of operation.