Markets have opened weak in line with global peers, ahead of the RBI policy review.
The Sensex touched a low of 16,097. The index is now down 180 points at 16,127.
The Nifty is down 52 points at 4,815.
RBI will announce today the credit policy where monetary tightening measures are expected to be taken. Intesrest rate hardening can be negative for the market.
The US markets ended in the negative. The Dow Jones closed at 10,120, weaker by 115 points or 1.1%, Nasdaq ended at 2179, lower by 42 points or 1.9%.
Also Read
Asian markets, too, have opened on a subdued note. The Hang Seng has dropped 263 points (1.2%) to 20,094. The Nikkei has declined 162 points (1.5%) to 10,252 on a stronger yen.
Jaiprakash Associates has shed 3% at Rs 131. IT stocks have dropped. Infosys and Wipro have declined 2.7% each to Rs 2,426 and Rs 655, respectively. TCS is down 2.2% at Rs 724.
Hindalco and Tata Motors have slipped 2.4% each to Rs 144 and Rs 698, respectively.
DLF, Tata Steel, Sterlite and Hero Honda have declined around 2% each.
Hindustan Unilever, Grasim, Maruti Suzuki, Larsen & Toubro, Reliance Communications, HDFC Bank and Reliance Infrastructure have also declined over 1% each.
However, ONGC has added 1.3% to Rs 1,116. HDFC is up 1% at Rs 2,375.