In line with the situation in the global markets, the Indian markets too have opened in the negative with the Sensex down 263 points at 18,132 and the Nifty shed 68 points at 5,443. In the broader markets, the midcaps opened at 6,898, down 0.7% and the smallcaps added 0.5% at 8,546. The Sensex is underperforming the broader markets, shedding 1.3%.The downtrend on the Nifty is continuing for fourth consecutive day on the back of fall in US markets, on tensions in Egypt.
On the Asian front, Hong Kong stocks began the holiday-shortened week sharply lower, as U.S. fell on Friday over concerns of Egyptian unrest which helped drag Chinese banks lower, and with gains in crude-oil futures pulling down airline stocks. The benchmark Hang Seng Index tumbled 1.3% to 23,236. Nikkei slipped 1.2% to 10,234.
Japanese shares also lost ground, with the Nikkei Stock Average slipped 1.2% to 10,234.The Seoul Composite dropped 1.2% to 2,082. Straits Times was down 1% at 3,197.Meanwhile, Shanghai Composite added marginally to 2,757.
Among the sectoral indices, Power and Capital Goods are the only sectors that started in the green.Realty, Auto, metal,Bankex and IT down 1% each are the top losers in the opening trades.
ONGC up 1.7% is the only gainer on the Sensex at the start of the trade for the day.
The losers in the opening trades are Maruti Suzuki, Hero Honda, DLF,Jindal Steel,Tata Power,Jaiprakash Associates,Tata Steel and Tata Motors down 2% - 4% each.
The market breadth is very negative. 1088 stocks have declined while 293 have advanced.
Mena banks’ outlook 'in sharp contrast'
The outlook for banks across the Mena region signals a diverging trend, with stable prospects for GCC banks contrasting with unsettled conditions in rest of Mena region, a report said.
Abraaj successfully completes 15 exits in 2013
The Abraaj Group (“Abraaj”), a leading investor operating in growth markets, announced today that it has successfully completed 15 exits through its Funds in 2013, including most recently: