The Indian markets gave up some of Wednesday’s gains in trade today on the back of weak global cues. The BSE Sensex is at 15,540, down 145 points and the Nifty is at 4,652, down 42 points.
Asian shares and the euro eased on Thursday as doubts remained over how much of the funds banks raised from an inaugural long-term European Central Bank tender will actually flow into struggling euro zone economies and help restore confidence.
MSCI's broadest index of Asia Pacific shares outside Japan fell 0.4 per cent, after climbing to a one-week high on Wednesday, while Tokyo's Nikkei stock average opened down 0.36 per cent.
Weak earnings from Oracle, the world's number three software maker, weighed on the U-S technology sector and kept Wall Street broadly flat.
Back home, analysts suggest that the Nifty is likely to face resistance around 4,735 – 4, 760 levels, while it will seek support around 4,650 – 4,625.
Among the sectoral indices, BSE IT, Metal and Auto indices are leading the losses, down 1-2% each.
Oracle Financial Services, HCL Technologies, Wipro and Infosys, down 2-5% each, are the prominent losers from the IT space.
JSW Steel, Sesa Goa, Jindal Steel & Power, Tata Steel, down 2-4% each, are the losers from the Metals' space.
Ashok Leyland, Bharat Forge, Exide Industries and Apollo Tyres, down 1-3% each, are the notable losers from among the Auto stocks.
BSE Bankex is also down 1% at 9,320.
On the Sensex, JP Associates has shed 2% at Rs 52.20 and is the top losers. Other prominent losers from the pack are ICICI Bank, Infosys, Wipro and Hindalco Industries, down 2% each.
ONGC, ITC, NTPC, up 1% each, are the notable gainers from the pack. Hindustan Unilever and Cipla are also trading in the green, up marginally.
Shares of sugar companies are trading higher in otherwise subdued equity market on reports that the government will consider the partial decontrol of the sector after the winter session of the Parliament gets over.
Balrampur Chini Mills, Shree Renuka Sugars, Bajaj Hindustan and Dhampur Sugar Mills are up 1-4% at opening deals on the Bombay Stock Exchange.
The overall market breadth is negative as 760 stocks have declined against 373 advancing ones, on the BSE.
