Markets open lower tracking weak global cues

The Sensex opened lower by 50 points at 18,632 levels whereas the Nifty slipped by 11 points at 5,622.

Markets have started the trading session on a lower note tracking weak global cues. By 9:30, the Sensex was lower by 15 points at 18,665 levels whereas the Nifty slipped by 6 points at 5,627.

The stock exchanges will remain shut on Wednesday and Friday on account of Holi and Good Friday. Global news and the futures and options expiry later in the week, will be watched for direction.

U.S. stocks closed lower Monday, as investors worried whether Cyprus could set a precedent for other debt strapped eurozone nations. The Dow Jones slipped 64 points to 14,447.75. Nasdaq also ended in the negative terrain.

Asian shares eased and the euro wobbled on Tuesday as investors worried about potential risks from the Cyprus bailout scheme, after initial rallies on the last-minute rescue provided opportunities to book some profit.

The Nikkei has slipped 0.42% at 12,493.71 as investor sentiment was dented by worries about the implications of the Cyprus bailout deal.

Back home, the stock exchanges will remain shut on Wednesday and Friday on account of Holi and Good Friday. Global news and the futures and options expiry later in the week, will be watched for direction.

Broader markets have declined in line with the benchmark index. BSE mid-cap index has slipped 0.27% at 6,043. Small-cap index is down 0.04% at 5,724.

On the sectoral front, BSE Realty and Oil & Gas indices have declined by nearly 1% each followed by counters like Consumer Durables, Auto, Banks, PSU and Healthcare, all declining marginally.

The main losers on the Sensex at this hour include GAIL, M&M, RIL, Tata Steel, Cipla, Bajaj Auto, Bharti Airtel and Dr Reddy’s Lab, all slipping between 0.5-1%.

On the gaining side, Coal India and HDFC have gained by 1%.

TCS has bucked the negative terrain and is trading flat at Rs 1,544. Tata Consultancy Services and global outsourcing services firm Capgemini have been awarded contracts worth $43 million each from Norway Post to operate and manage its applications.

Colgate Palmolive slipped 2% at Rs 1255 after its board approved the selling of a division to Colgate Global Business Services for Rs 59.89 crore.