03 Feb 11.10 AM: Indices open lower as global markets turn weak

03 February 2006

Weakness in the US markets yesterday led to a subdued trend across most Asian markets including India. Even the decline in oil prices is not helping the sentiment as heavyweights are facing selling pressure.

The Sensex opened the day at 9835 and saw a low of 9761. The index is trading lower by 74 points at 9770 at 11.10 AM.

The Nifty opened at 2968 and saw a low of 2940. The index is trading at 2943, lower by 24 points.

ONGC is the biggest drag on the indices this morning and the stock is trading with losses of more than 2 per cent. The decline is crude prices seems to have led to a reduction in positions.

HDFC and L&T continue their decline from yesterday; both stocks trading more than 2 per cent lower.