Markets open weak, global cues weigh

IT and Auto sectors lead the decline on BSE

Markets have started the trading session on a lower note as investor sentiment remained subdued on US fiscal cliff issues amid escalating protests in Greece over austerity measures taken by the government to curb burgeoning debt menace.

By 9:45, the Bombay Stock Exchange's (BSE) Sensex index was 120 points down to 18,499, while the National Stock Exchange's (NSE's) Nifty index shed 35 points at 5,631.

Asian stocks mostly fell on Thursday as investors reacted to the prospect of drawn-out negotiations over the looming U.S. "fiscal cliff" by shedding riskier assets, but Japanese equities bucked the trend as a sharp slide in the yen lifted exporters' shares.

MSCI's broadest index of Asia Pacific shares outside Japan fell 0.9%, with shares in South Korea, Australia and Hong Kong all losing 1 per cent or more. Tokyo's Nikkei rose 0.9% as the boost given to exporters such as Toyota Motor Corp, Honda Motor Co and Canon Inc. by a slide in the yen the previous day outweighed global concerns.

Back home, BSE IT, Auto, Meta and FMCG indices are down 1% each while defensive sectors such as consumer durables and healthcare gained ground in the opening trades.

The main losers on the Sensex at this hour include Sun Pharma, Infosys, Tata Motors, ITC and Sterlite, all falling between 1-2%.

On the winning side, Bharti Airtel, GAIL, L&T and HUL have surged between 1-4%.

Meanwhile, BSE Midcap index has slipped by 0.31% whereas BSE Smallcap index is trading marginally lower.

The market breadth in BSE remains weak with 922 shares declining and 639 shares advancing.