Markets open weak on global cues

The markets have opened in the red ahead of the F&O expiry on the penultimate trading day for the current financial year today. Global cues will also keep gains under check. The Sensex is down 130 points at 16,991. Nifty is down 40 points at 5,155.

“Markets are expected to remain volatile. The Nifty faces resistance at 5,231 and 5,267 levels, while there is support at 5,164 and 5,133 levels,” said Alex Mathews, Head Technical and Derivatives Research at Geojit BNP Paribas Financial Services.

US markets ended weak with the Dow Jones industrial average shedding 0.5 per cent to 13,126. The Standard & Poor's 500 Index also lost 0.5 per cent to end at 1,405.

Asian shares eased for a second day in a row on Thursday, as investors limited their risk exposure. MSCI's broadest index of Asia Pacific shares outside Japan eased 0.1 per cent, while Japan's Nikkei share average opened down 0.5 per cent.

Sun Pharma, HUL are in the green. However, most larg caps are in the red. Mid-cap index is down 0.8% at 7,435. Rate sensitives are correcting in morning trades.

Most of the sectoral indices have dropped in trades. BSE IT index has slipped 1.3% to 5,944 after the rupee fell early on Thursday as weak economic data from the United States and China added to the clouded outlook for capital inflows caused by proposed changes in Indian tax laws.

Capital goods, bankex and realty shares declined around 1% each.

Infosys is the biggest dragger among Sensex stocks. The stock is down 1.7% at Rs 2,792. Hindalco has dropped 2% to Rs 123. Larsen & Toubro, Bharti Airtel and Tata Steel are some of the other key losers.

However, Jindal Steel has added 1% to Rs 531. Hero MotoCorp and Sun Pharma have advanced marginally in trades.

Among individual stocks, Coal India has moved up 1.7% at Rs 334 as its board will meet again today to approve the new draft fuel supply agreement, as Wednesday's discussions on the issue remained inconclusive.

EIH Associated Hotels’ board has approved raising of up to 110 crore rupees through a rights issue. Shares of EIH Associated Hotels is flat at Rs 158.

Readymade Steel plans to acquire a majority stake in Singapore-based building and construction firm, KH Foges Pte Ltd. The stock has dropped 2.5% at Rs 76.

Panacea Biotec plans to scale up production of anti-cancer products with the commissioning of its new facility in Himachal Pradesh. Shares of Panacea have surged 2% at Rs 69.