Markets open on weak note

Global cues, RBI rate repo and reverse repo hike over the weekend weigh on the market sentiment in early trades.

Mirroring weak cues from the global markets, the Sensex opened almost 100 points lower at 17,482. The other major sentiment dampener - RBI rate hike over the weekend also weighed on the opening trades. The Sensex soon tumbled to a low of 17,337 - down 241 points from the previous close.

The index has recovered partially, and is now down 122 points at 17,456. The NSE Nifty is down 41 points at 5,222.

Jaiprakash Associates has shed 2.5% at Rs 150. ICICI Bank has dropped over 2% to Rs 935.

DLF and Reliance Infrastructure too have slipped nearly 2% each to Rs 307 and Rs 1,006, respectively.

Tata Motors, SBI and HDFC have declined around 1.5% each.

Bharti Airtel, however, has moved up over 1% to Rs 315.