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Markets have slumped in the morning trades owing to weakness in financials and IT shares amid weak global cues.
At 9.50am, the Sensex is quoting at 27,080, lower by 360 points and the Nifty is trading at 8,208, down 116 points.
Top losers include ICICI Bank, Axis Bank and HDFC twins are down 2-3%. Among IT shares TCS and Infosys have slipped over 1% each.
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(updated at 9.50 AM)The markets have opened on a quiet note, tracking the mixed cues from the Asian front.
At 9.20am, the Sensex was quoting at 27,383, lower by 58 points and the Nifty was at 8,305, down 19 points.
The benchmark indices had moved in a narrow range and closed flat on Tuesday, with the Nifty still managing to hold onto to its 200-DMA of around 8150.
The market participants would be keeping an eye on the developments in Parliament, especially with regard to the GST bill.
GLOBAL MARKETS
Asian stocks stumbled early Wednesday morning in sympathy with weak U.S, but have recovered from thereon and are trading mixed. The
Hang Seng, Taiwan and Shanghai indices are trading in the green, while SET and Jakarta indices have edged lower.
The US markets had closed lower on Tuesday as investors eyed higher bond yields and an unexpectedly wide march u-s trade deficit. The Dow ended down by 0.79% and Nasdaq shed 1.5%.
