Markets open weak, Nifty slips below 5,900

Markets have started the trading session on a lower note tracking weak global cues along with financials, ITC and Infosys shares leading the fall. By 9:35, the Sensex was lower by 91 points at 19,454 mark and Nifty slipped by 30 points at 5,889 levels.

Further, market data indicates that foreign institutional investors which were net buyers so far have started selling index futures and have turned net sellers in the cash segment too.

On the global front, benchmark US share indices ended lower on Tuesday on worries that the US Federal Reserve may curtail its stimulus measures earlier than expected.  The Dow Jones Industrial Average ended down 76 points at 15,177. S&P 500 ended down 9 points at 1,631 and Nasdaq Composite ended down 20 points at 3,445.

Asian shares slipped to their lowest this year on Wednesday as uncertainty over when the US Federal Reserve would begin scaling down its massive stimulus programme fanned worries about funds flowing out of the region.

Back home, BSE Consumer Durable, Realty, FMCG and IT indices have plunged by nearly 1% each. Sectors like Banks, Capital Goods, Power, Auto, Healthcare, Metal and PSU are trading marginally in red zone. However, BSE Oil & Gas index has gained marginally.

Hero Moto is the top Sensex loser, down nearly 2%. Other notable losers are ITC, Wipro, Bajaj Auto, HDFC, Sterlite, Infosys, TCS and BHEL.

On the gaining side, Maruti Suzuki, M&M, NTPC, RIL and JSPL are trading higher by almost 1% each.

Among other shares, shares of cement stocks are under pressure in opening trades on Wednesday as prices are likely to ease and slowdown in demand following the onset of monsoon rains.

Among the cement majors ACC was down 1.4% at Rs 1,201, Ambuja Cements slipped 1.2% to Rs 173, UltraTech Cement was down 0.6% to Rs 1,850.

The broader markets have opened almost flat. The market breadth in BSE remains marginally negative with 454 shares declining and 416 shares advancing.