 "Markets open lower; Nifty slips below 8,800")
Markets were trading lower in early deals on Tuesday, amid weak Asian cues and sluggish overnight trade on Wall Street, with index heavyweights leading the decline.
At 9:35am, the S&P BSE Sensex was down 111 points at 28,523 and the Nifty50 was down 38 points at 8,771.
"We expect the Nifty to face a resistance around 8848-8860 levels, whereas on the downside the Nifty may extend its recent downward move towards 8750-8688 levels. Only a sustainable move below 8775 would aggravate the selling pressure in the market with slightly enhanced volatility," Angel Broking said in a technical note.
Foreign institutional investors were net buyers in equities worth Rs 205 crore on Monday, as per provisional stock exchange data.
Index heavyweights Infosys, HDFC and ITC were the top losers in early trades.
ICICI Bank which had gained in the previous session after the IPO of its insurance arm ICICI Prudential Life Insurance Corporation opened for subscription witnessed profit taking and was marginally down.
Auto stocks were trading mixed with two-wheeler majors coming off their recent highs while Maruti Suzuki and M&M were trading 0.5%-1% higher.
Among other shares, Jubilant FoodWorks slumped 7% after the company in a release said that Ajay Kaul, CEO and Wholetime Director of the company has resigned.
Global Markets
Asian markets were trading weak as investors turned cautious ahead of the outcome of the policy meetings of central banks in Japan and the US. The Bank of Japan's two-day policy meets ends on Wednesday. Meanwhile, trading resumed in Japan after a holiday on Monday. The benchmark Nikkei was trading flat while Straits Times, Hang Seng and Shanghai Composite were down 0.2% each.
US stocks came off their intra-day highs amid a choppy trading session to end flat with negative bias ahead of the US Federal Reserve two-day policy meet which begins on Tuesday. Further, Japan's central bank, the Bank of Japan is also holding its policy meeting which ends on Wednesday. The Dow Jones industrial average ended down 4 points at 18,129, the S&P 500 ended nearly unchanged at 2,139 and the Nasdaq settled 10 points lower at 5,235.
