Markets open on a subdued note

DLF, Coal India and SBI among the top Sensex losers

Markets have opened on a subdued note in trades today tracking negative global cues and weakening rupee. The Sensex has slipped 36 points to 16,509 and the Nifty is at 4,987, down 13 points.

Overnight the US stocks ended lower on Tuesday after political developments in Greece fanned concerns about Europe's fiscal health. The Dow Jones industrial average slipped 0.6 per cent to 12,932. The Standard & Poor's 500 Index shed 0.4 per cent to 1,364 levels.

The Asian markets are also trading on a weak note. The Hang Seng is down 199 points at 20,285, Nikkei has shed 109 points at 9,072 and the Shanghai is also down 36 points at 2,413.

Back home, technical analysts believe the Nifty is likely to seek support around 4,950-4,915 levels, while face resistance around 5,050-5,085.

DLF  is the top loser among the Sensex stocks, down 2% at rs 186. State Bank of India, Coal India, Mahindra & Mahindra, Jindal Steel, Hero MotoCorp, ONGC, NTPC, BHEL, ICICI Bank, Bharti Airtel and Maruti Suzuki have also opened lower by 1-2% each. On the other hand, ITC and TCS are among the notable gainers.

Selling pressure is visible across the sectors. The realty, banking and metal sector stocks are amongst the worst hit in the opening deals. The BSE realty index is the top sectoral loser, down 1% or 19 points at 1,599. Bankex and metal indices are also trading lower by 0.9% each. Auto, PSU, oil & gas, power, capital goods, consumer durableshealthcare and tech stocks are also facing the heat of selling pressure. While, Some buying is visible in the FMCG stocks.

From the realty space, HDIL is the top loser, down 3.3% to Rs 68. Unitech, Sobha Developers, DB Realty and Anant Raj Industries are also among the losers. Among the banking stocks, Kotak Mahindra Bank, Canara Bank, Bank of Baroda, Axis Bank, IDBI Bank, Bank of India and Indusind bank are the top losers.

The broader markets are trading marginally lower. The mid-cap index is down 9 points at 6,044 and the small-cap index has shed 10 points to 6,540 levels.

The overall breadth is neutral as 650 stocks are declining while 479 are advancing.