Markets open lower tracking global cues

Capital goods and metals among the top draggers

Markets have started the trading session on a lower note tracking weak global cues. By 9:30 hrs, the Sensex was down 57 points at 17,383 and the 50-share Nifty slashed down 22 points at 5,252.
 
According to technical analysts, the Nifty is likely to seek support around 5,255-5,245, while face resistance around 5,290-5,300. The momentum continues to remain in favour of the bears on the daily charts.

On the upside, the index is likely to face resistance around 5,300 and higher at 5,340. Whereas, on the downside the support has now moved higher to 5,240, sustained trade below 5,240 could see the index slide to 5,160-odd levels.

Overnight in the US, the S&P 500 closed slightly lower on Tuesday as investors continued to await clarity on European Central Bank plans to shore up heavily indebted countries, but the market ended off its lows on a rally in Apple Inc.

Asian shares and the euro eased on Wednesday, with investors waiting for a European Central Bank meeting on Thursday and U.S. payrolls on Friday for signs of more action to counter European debt woes and support growth.

Back home, on the sectoral front, BSE Metal, Power, Capital Goods, Realty, IT and Bankex indices have slipped by nearly 1% each. Apart from FMCG and Consumer Durable, all the major BSE sectoral indices are trading in red zone.

The major losers on the Sensex at this hour include JSPL, BHEL, Tata Motors, Tata Steel, Sterlite, Sun Pharma, NTPC and Hero Moto, all declining between 1-2%.

The broader indices are witnessing flat trades – BSE Midcap and Smallcap indices are marginally up.

The market breadth in BSE remains neutral.