New Delhi: The markets opened with gap down on Wednesday reflecting Asian markets.
Most of the Asian market are trading down with over one per cent loses led by Chinese market which plunged over six per cent on account of hike in stamp duty.
Banking, Telecom, Cement and oil and gas stocks are trading low while the pharma sector has been strong for the third day in row and capital good stocks are also up.
At 0956 hrs (IST), Sensex was down 51 points at 14456 and Nifty was down 22 points at 4273. Major losers were Reliance, Rel Comm, ONGC, Ambuja Cement, NALCO, HDFC Bank, GAIL and SBI. However, Cipla, Ranbaxy, Dr. Reddys Labs, BHEL and L&T were trading subdued in the opening trade.
Three new companies got listed on the bourses on Wednesday. MIC Electronics listed at Rs 262.5 and Insecticides India at Rs 114. McDowell holdings also got relisted.
Asian Markets:
Asian markets trading weak, Hong Kong's Hang Seng plunged 0.49 per cent or 99.92 points at 20,369.67, Japan's Nikkei declined 0.23 per cent or 41 points at 17,631.56, Taiwan's Taiwan Weighted was down 0.55 per cent or 44.70 points at 8,136.79, Singapore's Straits Times slipped 0.73 per cent or 25.90 points at 3,501.18 and South Korea's Seoul Composite tumbled 0.71 per cent or 11.88 points at 1,649.92.
Chinese markets are down over 6 per cent on Wednesday on account of higher stamp duty.
US Markets: Wall Street ends with modest gain ahead of Fed minutes. The Dow Jones industrial average rose 14.06 points, or 0.10 per cent, to 13,521.34 and The Standard & Poor's 500 index rose 2.38 points, or 0.16 per cent, to 1,518.11, while the Nasdaq composite index gained 14.87 points, or 0.58 per cent, to 2,572.06.
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