Markets in red on Asian cues

Markets have opened soft this morning on cues from Asian peers.

The Sensex opened at 16,920 - down 24 points. The index theerafter slipped to a low of 16,856 and is now down 62 points at 16,882.

The Nifty is down 21 points at 5,065.

The Asian markets have edged lower in opening trades as Chinese manufacturing growth declined. The  Hang Seng is quoting at 19,721, weaker by 44 points or 0.2% and the Nikkei is at 9,686, down 82 points or 0.8%.

Most sectoral indices are in red. The BSE realty and metal indices have dropped 0.8% in early trades to 3,071 and 15,024, respectively. However, the auto index is marginally in green at 7,721 ahead of the announcement of auto sales figures due later this week.

Hindalco has slumped 1.8% to Rs 147. Sterlite has shed 1% at Rs 655. Jindal Steel and Tata Steel have slipped nearly 1% each to Rs 647 and Rs 497, respectively.

Reliance Communications has dropped 1% to Rs 143.

Banking shares are in red. ICICI Bank and HDFC Bank have dropped nearly 1% each. SBI is flat at Rs 2,268.

However, Mahindra & Mahindra has gained 1% at Rs 579. Maruti and Hero Honda are marginally in green at Rs 1,241 and Rs 1,942, respectively.

Cipla has added 0.6% to Rs 321.