Markets open in red on poor global cues, Nifty still holds on 11,000-level
he BSE Sensex fell 145.01 points or 0.39 percent to 36,826.08
New Delhi: Markets opened in the negative zone on Friday on poor global cues though the NSE Nifty held on to 11,000.
The BSE Sensex fell 145.01 points or 0.39 percent to 36,826.08 while the NSE Nifty dropped 41.45 0.37 percent to 11,027.95 in early trade.
RBI's rate cut announcement failed to enthuse investors. The Reserve Bank of India under its new Governor Shaktikanta Das, yesterday cut the repo rate by 0.25 percent to 6.25 percent, a move that will make home and other loans cheaper.
Tata Motors, Sun Pharma, Vedanta, L&T, SBI, ICICI Bank, M&M, Tata Steel, Infosys, HDFC and Tata Steel, were major losers in the Sensex pack. Tata Motors tanked over 14 percent, after the auto major reported its biggest ever quarterly net loss of Rs 26,960.8 crore for the third quarter.
On the other hand, PowerGrid, HCL Tech, IndusInd Bank, Bajaj Finance, NTPC, Coal India and RIL were the top gainers.
Asian stocks slipped on Friday as investors fretted about a broadening global economic slowdown, a Reuters report said.
MSCI`s broadest index of Asia-Pacific shares outside Japan shed 0.3 percent, easing back from a four-month peak touched the previous day. The index stood little changed on the week. Japan`s Nikkei fell 1.2 percent.
With Agency Inputs