 "Markets open negative on weak Asian cues")
Markets have started the trading session on a marginally lower note tracking weakness in Asian markets along with political uncertainty in the country.
Markets witnessed sharp sell off yesterday amid political uncertainty after the DMK withdrew support to the ruling United Progressive Alliance and the Reserve Bank of India said that the headroom for further monetary easing remains quite limited.
By 9:40, Sensex plunged by 64 points at 18,944, and the Nifty down 26 points at 5,720 levels.
Cyprus's Parliament overwhelmingly rejected a proposed tax on bank deposits as a condition for bailout aid, pushing the Mediterranean island a step closer to the brink of financial meltdown.
The MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.3%, extending a 1.7% slide on Tuesday. The index is now down around 3% from its 2013 peak set a month ago.
South Korean shares lost 0.3%, while their Australian counterparts fell 0.4%. Japanese financial markets had a reprieve thanks to a public holiday there.
Back home, on the political front, Finance Minister P Chidambaram, Kamal Nath and Manish Tewari will address the media on DMK issue today.
The Dravida Munnettra Kazhagam (DMK) withdrew from the United Progressive Alliance (UPA) yesterday, claiming UPA had betrayed the Tamils of Sri Lanka with its soft approach towards the Mahinda Rajapakse-led government in that country.
The party’s five ministers, including one of Cabinet rank, are likely to tender their resignations to the PM today.
On the sectoral front, BSE Consumer Durable, Capital Goods, Bankex, Auto, PSU, Oil & Gas, Power and Metal have declined between 0.6-1%. Apart from FMCG and Healthcare, all the major BSE sectoral indices are trading in red zone.
The main losers on the Sensex at this hour include M&M, Tata Motors, Maruti Suzuki, L&T, ONGC, Coal India, NTPC, HDFC Bank, GAIL and Jindal Steel, all slumping between 1-2%.
On the gaining side, Cipla, HUL, TCS, Bajaj Auto and Sterlite have gained by 1% each.
The broader markets are trading weak. The market breath in BSE remains weak with 921 shares declining and 496 shares advancing.
Markets witnessed sharp sell off yesterday amid political uncertainty after the DMK withdrew support to the ruling United Progressive Alliance and the Reserve Bank of India said that the headroom for further monetary easing remains quite limited.
By 9:40, Sensex plunged by 64 points at 18,944, and the Nifty down 26 points at 5,720 levels.
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On the global front, Asian shares extended losses on Wednesday and investors gave the euro a wide berth after a bailout deal for Cyprus was thrown into disarray.
Cyprus's Parliament overwhelmingly rejected a proposed tax on bank deposits as a condition for bailout aid, pushing the Mediterranean island a step closer to the brink of financial meltdown.
The MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.3%, extending a 1.7% slide on Tuesday. The index is now down around 3% from its 2013 peak set a month ago.
South Korean shares lost 0.3%, while their Australian counterparts fell 0.4%. Japanese financial markets had a reprieve thanks to a public holiday there.
Back home, on the political front, Finance Minister P Chidambaram, Kamal Nath and Manish Tewari will address the media on DMK issue today.
The Dravida Munnettra Kazhagam (DMK) withdrew from the United Progressive Alliance (UPA) yesterday, claiming UPA had betrayed the Tamils of Sri Lanka with its soft approach towards the Mahinda Rajapakse-led government in that country.
The party’s five ministers, including one of Cabinet rank, are likely to tender their resignations to the PM today.
On the sectoral front, BSE Consumer Durable, Capital Goods, Bankex, Auto, PSU, Oil & Gas, Power and Metal have declined between 0.6-1%. Apart from FMCG and Healthcare, all the major BSE sectoral indices are trading in red zone.
The main losers on the Sensex at this hour include M&M, Tata Motors, Maruti Suzuki, L&T, ONGC, Coal India, NTPC, HDFC Bank, GAIL and Jindal Steel, all slumping between 1-2%.
On the gaining side, Cipla, HUL, TCS, Bajaj Auto and Sterlite have gained by 1% each.
The broader markets are trading weak. The market breath in BSE remains weak with 921 shares declining and 496 shares advancing.