Know how the Markets opened today

The Nifty opened lower in early deals on Wednesday owing to weak overseas cues and a dent in the local sentiment due to tepid earnings and muted forecasts by several major Nifty companies the previous day.

The Nifty was 8,515 points down 14 in initial trades. Losers were lead by Vedanta, Tata Steel and Infosys, while the gainers list included Asian Paints, Sun Pharma and Bajaj Auto that saw some buying action in early deals. The Advance-Decline Ratio on the Nifty stood at 18/30.

On the Bombay Stock Exchange, the Sensex showed a similar trend, quoting 38 points lower at 28,144. Its Advance-Decline ratio stood at 15/14 with Hindalco, ITC and TCS struggling in the red versus Coal India, Reliance Industries and Wipro that gained ground.

But the broader market was dominated by the bulls with 638 shares gaining ground compared with 455 that fell on the Bombay Stock Exchange.

The mood was bearish on the Futures and Options space with 72 Futures advancing compared with 87 that fell. Futures in the banking, metals and capital goods space were the top losers, while futures in the fertiliser and media space showed positive traction.

Bears consolidated their grip on companies that gave disappointing earnings after market closed yesterday. Hence, shares like Tata Sponge, Cairn India and Eicher Motors came under selling pressure.

(Image credit: Indiatimes)