Sensex weak in early trades

The Sensex opened 71 points lower at 16,256 and touched a low of 16,154. The index is now down 117 points at 16,210.

The Nifty is down 50 points at 4,838.

The US markets ended higher for a third straight day as an encouraging manufacturing report led to investor optimism about economic recovery.  The Dow closed at 10392, stronger by 83 points or 0.8%, Nasdaq ended at 2241, higher by 15 points.

The Asian markets, however, have opened weak. The Hang Seng is quoting at 19,996, weaker by 425 points or 2% and Nikkei is at 10,259, down 76 points or 0.7%.

Sterlite has shed 2% at Rs 753. Hindalco and Tata Steel have dropped 1.5% each to Rs 150 and Rs 570, respectively.

Realty stocks are also down. Jaiprakash Associates and DLF have slipped 1.6% each to Rs 133 and Rs 299, respectively. Larsen & Toubro has declined 1.3% to Rs 1,456.

SBI, NTPC and HDFC Bank have dipped around 1% each.

Market heavyweight, Reliance is down 0.8% at Rs 989.

However, Hindustan Unilever has added marginally to Rs 244.