Markets open lower tracking weak global cues

Markets have opened lower, amid weak global cues, ahead of April industrial output and consumer price index-based inflation data today.

By 9:30, the Sensex was lower by 55 points at 19,088 levels and the Nifty slipped by 15 points at 5,774 mark.

Benchmark US share indices ended lower on Tuesday after Bank of Japan maintained status quo on its monetary policy. The Dow ended down 117 points at 15,122. S&P 500 ended down 17 points at 1,626 and Nasdaq Composite ended down 37 points at 3,437.

Japanese stocks slumped further on Wednesday, joining a global selloff in equities and commodities as investors were rattled by the absence of fresh steps from the Bank of Japan to calm turbulence in the domestic bond market.  

US stocks slipped in a volatile session while European shares fell to six-week lows on Tuesday on concern that central bank support for markets was turning more cautious, as the BOJ's move came amid persistent speculation about the US Federal Reserve toning down its strong stimulus later in the year.   

Japan's Nikkei stock average opened down 1.7% after skidding 1.5% at the close the day before. The Nikkei scaled a 5-1/2-year high last month.  

Back home, BSE Consumer Durable index tumbled by 5% followed by counters like FMCG, Metal and Banks, all declining between 0.5-1%. BSE Oil & Gas, IT and Capital Goods indices are trading marginally higher.

From the Consumer Durable space, Titan Inds has extended yesterday’s losses and down by almost 10%. Gitanjali Gems, Rajesh Exports and Videocon have declined between 1-2%.

The main losers on the Sensex at this hour include Tata Power, HDFC, TCS, Hero Moto, Coal India, Bajaj Auto, ITC, HDFC Bank, Hindalco, Tata Steel and JSPL.

On the gaining side, Infosys, GAIL and ONGC are trading higher by nearly 1%.

Among other shares, MMTC has dipped over 5% to Rs 194 on reports that the government is likely to meet today to decide on the base price for stake sale. The issue of which is expected to hit the market on June 13.

Mahindra Satyam is trading higher by 2.2% at Rs 114, extending its previous day’s 4.2% gain, after the Andhra Pradesh High Court on Tuesday cleared the decks for the merger of the company with Tech Mahindra.

The market breadth in BSE remains negative with 561 shares declining and 288 shares advancing.