Markets open lower tracking global cues

Tata Power top Sensex loser

Markets have made lower opening in trades today tracking weak global cues. At 9:35, the Sensex was at 18,806 mark down 96 points whereas the Nifty plunged by 36 points at 5,727 levels.

Overnight, the Dow industrials lost more than 300 points in a sell-off on Wednesday that drove all major stock indexes down over 2 percent in the wake of the presidential election as investors' focus shifted to the looming "fiscal cliff" debate and Europe's economic troubles.

The Standard & Poor's 500 Index posted its biggest daily percentage drop since June, with all 10 S&P sectors solidly lower and about 80 percent of stocks on both the New York Stock Exchange and the Nasdaq ending in negative territory.

The Dow Jones industrial average slid 313 points, or 2.4%, to close at 12,933. The Standard & Poor's 500 Index fell 34 points, or 2.37%, to 1,394. The Nasdaq Composite Index lost 75 points, or 2.5%, to close at 2,937.

The Asian markets followed suite and tumbled as investors worried about the fiscal crisis in the United States and the European economy's further deterioration, underpinning safe-haven currencies such as the yen and dollar.

Back home, according to technical analysts, the NSE index is likely to seek support around 5,735-5,720, while face resistance around 5,785-5,800.

On the sectoral front, BSE Power, IT, Realty, TECk, Banks, Capital Goods, Oil & Gas, PSU and Consumer Durable indices have slumped by almost 1% each. Apafrt from Healthcare and Auto, all the major BSE sectoral indices are trading in red zone.

The main losers on the Sensex at this hour include Tata Power, ICICI Bank, Wipro, Infosys, SBI, RIL, HDFC, BHEL, GAIL, L&T, ITC and Sterlite, all declining between 1-2%.

The broader indices have opened marginally lower – BSE Midcap and Smallcap indices are down 0.3% each.

The market breadth remains negative with 806 declining and 530 shares advancing.