Markets open on a weak note. Know all

The Nifty opened lower, in line with market expectations, as traders and investors digested weak overseas cues and fears of a higher regulatory intrusive regime on overseas investments.

Markets are keenly watching steps the government may take to control equity investments via the P-Note route after a report from the SIT directed SEBI to track down the ultimate beneficiaries of such instruments and urged for curbing its misuse.

The Nifty traded at 8,452 points, down 70 points in early deals. The Advance-Decline Ratio was at 4/46 with Zee Entertainment, Tech Mahindra, BPCL and Tata Power gaining ground compared with HCL Tech, Ambuja Cements, Cairn, and ICICI Bank that fell below their previous close. The Bank Nifty dropped 183 points to 18,452 points. All 12 components of the Bank Nifty fell, led by ICICI Bank.

And on the Bombay Stock Exchange, the Sensex lost 211 points at 27,901 points in early morning deals on Monday. Stocks that led gainers included BHEL and Lupin while Tata Motors, GAIL and Axis Bank were on top of the losers’ list. As a consequence, the Advance-Decline Ratio stood at 3/26.

The markets were equally weak in the futures and options space with Indian Overseas Bank, Havells and Syndicate Bank showing up on the top losers’ list versus Andhra Bank, Sun TV and Bharat Electronics that gained. The Advance-Decline Ratio stood at 21/139.

The broader market showed the dominance of bears with 615 shares gaining ground compared with 789 that lost.

Meanwhile, companies such as Relaxo and Pfizer posted smart gains post earnings even as TVS Motors slumped after first quarter profit disappointed.

(Image credits: Indiatimes)