Stock Market Latest Updates: Sensex drops 260 points, Nifty below 9,000-mark; Axis Bank, Bajaj Auto among major losers

Sensex drops 260 points, Nifty below 9,000-mark 

Benchmark indices snapped the three-day winning streak and closed in the red dragged by losses in banks and financial heavyweights. 

Sensex dropped 260.31 points or 0.84 percent to 30,672.59 while Nifty was down 67 points or 0.74 percent at 9,039.25 at close.

Axis Bank was the top loser in the Sensex pack dipping over 5 percent. Other losers included HDFC, Bajaj Finance, ICICI Bank, Bajaj Auto and Tata Steel.

M&M, Infosys, Asian Paints, Ultra Cement, Tech Mahindra and Maruti were among the gainers.

Broader BSE Midcap and Smallcap indices closed 0.83 percent and 0.23 percent down, respectively. 

RBI measures to help revive economy: SBI Chairman

The steps announced by the Reserve Bank of India including reduction in repo rate and extension of moratorium on term loans for another three months will help in quick revival of the economy, State Bank of India chairman Rajnish Kumar said.

The RBI on Friday slashed repo rate by 40 basis points to 4 percent.

The central bank extended the moratorium period for the repayment of loans by another three months till 31 August 2020, and also increased bank exposure to corporates to 30 percent of the group's net worth from the current limit of 25 percent.

"The entire effort of the government and the RBI is to revive the growth in the economy and at the same time recognising the difficulties that industries are facing. All the measures around reduction in repo rate, moratorium and increase in the limit on group exposures will be helpful in revival of the economy," Kumar told reporters through a video call on Friday.

Textile bodies welcome RBI measures

Indian Texpreneurs Federation (ITF) on Friday thanked the RBI for extending loan moratorium to six months which would help textile industries manage cash flow towards re-starting businesses during the post-COVID-19 times.

Conversion of deferred interest as a one-year term loan would also help the companies manage the liquidity and speed up the revival process because every rupee is important now to streamline post-COVID business operations, ITF convenor Prabhu Dhamodaran said in a statement. 

Stating that the industry expected the same level of repo rate reduction, he said, "With the announcement by the RBI, our entire energy should be on talking with banks to get the practical benefit of all rate cuts."

HDFC Bank slashes base rate by 55 bps to 8.10%

Sensex falls 219 points, Nifty at 9,050 

Indices staged a slight recovery as Sensex was trading 218.88 points or 0.71 percent lower at 30,714.02 while the Nifty was down 56.15 points or 0.62 percent at 9,050.10 at around 3.15 pm.

Axis Bank was the major loser in the Sensex pack falling over 5 percent followed by HDFC, Bajaj Finance, ICICI Bank, Tata Steel and Bajaj Auto.

The gainers included M&M, Infosys, Asian Paints and Ultra Cement.

NTPC to expand renewable energy business with ONGC

The National Thermal Power Corporation (NTPC), a government of India undertaking signed a memorandum of understanding (MoU) on Friday with Oil and Natural Gas Corporation (ONGC), the PSU under Ministry of Petroleum and Natural Gas to set up a joint venture company for renewable energy projects.

According to the MoU, both the government-operated PSUs will explore the setting up of offshore wind and other renewable energy projects in India and overseas.

They will also look for opportunities in the fields of sustainability, storage, E-mobility and ESG (environmental, social and governance) compliant projects, said an official statement.

Godrej Industries Q4 profit plunges 76% to Rs 102 cr

Interacted with FM to discuss core issues impacting restaurant sector: NRAI

Apex industry body National Restaurant Association of India (NRAI) on Friday said its representatives have interacted with Finance Minister Nirmala Sitharaman to highlight the core issues impacting restaurants across the country due to the coronavirus-induced lockdown.

A four-member delegation interacted with the finance minister through video conference on Thursday to discuss urgent industry-specific issues. All these issues are largely around policy and liquidity support, none of the suggested measures is expected to put any major strain on the exchequer, NRAI said in a statement.

NRAI President Anurag Katriar said the delegation conveyed to the government that the restaurant sector is fighting a grim battle for existence and it will need urgent policy and liquidity support from the government to survive this phase.

Sensex slips 263 points, Nifty holds 9,000-mark 

Sensex fell 262.89 points or 0.85 percent to 30,670.01 while the Nifty was down 72.70 points or 0.8 percent at 9,033.55 at around 2.45 pm.

Axis Bank, Bajaj Finance, HDFC, ICICI Bank, IndusInd Bank, Bajaj Auto and HDFC Bank were the top losers in the Sensex pack.

Infosys, M&M, Asian Paints, Ultra Cement, TCS AND Tech Mahindra were the top gainers.

Rupee drops 35 paise to Rs 75.95 at close

Suzuki Motorcycle's 50% dealership reopened 

Suzuki Motorcycle India Pvt Ltd (SMIPL) on Friday said 50 percent of its dealership has reopened following relaxation in lockdown by the government.

The company, which resumed dispatch from Monday, said that currently, 5,000 new vehicles have been sold and 50,000 vehicles have been serviced at dealerships.

SMIPL Managing Director Koichiro Hirao said the company has resumed retail and dispatch services in almost all parts of the country except those in containment zones as per the government directives.

Vistara resumes bookings for flights starting on 25 May 

GAIL issues tender to buy, sell LNG cargoes

GAIL (India) has issued a tender offering two liquefied natural gas (LNG) cargoes for loading in the United States, and is seeking a cargo for delivery into India, two industry sources said on Friday.

It offered two cargoes to load from the Cove Point plant in the US on a free-on-board (FOB) basis loading in late-June and July, they said.

It is also seeking a cargo for delivery into India, in May or August 2021, on a delivered ex-ship (DES) basis, they added.

The tender closes on 27 May, one of the sources said.

German tax revenues fall 25.3%

Tax revenues of the German government and the 16 federal states declined by 25.3 percent in April from a year earlier to around 39 billion euros ($43 billion) due to the coronavirus pandemic, the finance ministry’s monthly report showed on Friday.

Europe’s largest economy is facing its most severe recession since World War Two as measures to prevent the disease have hampered public life and business.

Early indicators show that the situation will likely remain difficult over the next months, the ministry said.

The revenue decline was most severe for income, corporate and air traffic taxes, the report showed. The pandemic’s impact on tax revenues were first visible in March but has now accelerated.

Sensex down 278 points, Nifty at 9,026

The indices remained volatile as Sensex was trading 277.63 points or 0.90 percent lower at 30,655.27 while the Nifty was down 80 points or 0.88 percent at 9,026.25 at around 2 pm.

Bajaj Finance was the top loser in the Sensex pack falling nearly 5 percent. Other losers included HDFC, Axis Bank, ICICI Bank, Bajaj Auto, IndusInd Bank, Tata Steel and HDFC.

Infosys, Asian Paints, M&M, TCS and Tech Mahindra were among the gainers.

CBDT issues tax refunds of Rs 26,242 cr to 16.84 lakh assesses

Edelweiss Mutual Fund to launch second tranche of Bharat Bond ETF

Edelweiss Asset Management on Friday announced the launch of the second tranche of Bharat Bond ETF in July with two new series after initial series in December last year.

The Bharat Bond ETF programme is an initiative of the government's Department of Investment and Public Asset Management which has given the mandate to Edelweiss AMC to design and manage the product.

The two new Bharat Bond ETF series will have maturities of April 2025 and April 2031.

Through the launch of these two new ETF series, Edelweiss Mutual Fund</a> proposes to raise an initial amount of Rs 3,000 crore with a greenshoe option of Rs 11,000 crore based on market demand.

Bosch Q4 net profit falls

Sensex drops 376 points, Nifty below 9,000-mark

The indices extended the losses in the afternoon trade as Sensex plunged 376.39 points or 1.22 percent to 30,556.51 while the Nifty was down 107.40 points or 1.18 percent at 8,998.85 at around 1.40 pm.

The losers included Bajaj Finance, HDFC, ICICI Bank, Axis Bank, IndusInd Bank, Bajaj Auto, HDFC Bank, Tata Steel and PowrGrid.

The gainers were Asian Paints, Infosys, M&M, TCS, Tech Mahindra and Ultra Cement.

Markets trading with deep cuts at half-time

The Indian markets at half time are trading with a deep cut of 1.25 percent or 120 points following RBI governor’s press conference in which he projected a negative GDP growth outlook, an extension of the loan moratorium period for another 3 months and a repo rate cut of 40 bps, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

Clearly market participants were not pleased by few of his measures and hammered the Nifty lower. Further, bulls are somehow trying to keep the Index above the immediate support level of 8970-8950; a sustained trade above this support may trigger minor short covering rallies to levels of 9,060-9,100 he said.

"On the flip side if bears successfully push the Index below the 8950 support zone fresh bouts of selling will emerge in late trade dragging the Index lower to levels of 8,920-8,860. Metal and Realty stocks have taken it on the chin followed by the Banking and NBFC stocks which have been battered down," said Agarwala.

IT and Pharma stocks are however bucking the trend. To add fuel to fire European major Indices have also opened trade deep in red which could keep the pressure on Indian markets as well, he said.

Air India resumes domestic bookings

Gold futures surge on spot demand, global cues

Gold prices on Friday rose by Rs 392 to Rs 46,780 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 392, or 0.85 percent, to Rs 46,780 per 10 gram in a business turnover of 9,360 lots.

The yellow metal for August delivery edged up by Rs 416, or 0.89 percent, to Rs 46,927 per 10 gram in a business turnover of 11,077 lots.

Fresh positions built up by participants mainly led to the rise in gold prices, analysts said.

Globally, gold prices traded higher by 0.71 percent at $1,734.10 per ounce in New York.

RBI support measures to give more liquidity to exporters: FIEO

Exporters, one of the worst hit organized sectors, have hailed the policy rates cut, extended loan repayment moratorium along with pre- and post-shipment credit extension by the Reserve Bank saying these much-needed steps will help them recover from COVID-19 disruptions.

The Reserve Bank on Friday cut the repo and the reverse repo rates to 4 percent and 3.35 percent respectively, extended the loan moratorium period till 31 August from 31 May, and also extended the pre-and post-shipment credit for exporters from the existing 12 months to 15 months.

National exporters lobby Federation of Indian Export Organisations (FIEO) president Sharad Kumar Saraf said these measures will give more liquidity to exporters thus helping them in fulfilling their overall obligations during these testing times.

Sensex plunges 337 points, Nifty at 9,005

Sensex dipped 337.32 points or 1.09 percent to 30,595.58 while the Nifty was down 99.20 points or 1.09 percent at 9,007.05 at around 1.05 pm.

Bajaj Finance was the top loser in the Sensex pack slipping nearly 6 percent followed by HDFC, ICICI Bank, Axis Bank, IndusInd Bank, Bajaj Auto and Tata Steel.

The gainers included Infosys, Asian Paints, TCS, Tech Mahindra, M&M and Ultra Cement.

Amazon plans to hire over 50,000 people

Sensex down 353 points, Nifty holds 9,000-mark

The indices continued to remain in the red zone as Sensex was trading 353.46 points or 1.14 percent lower at 30,579.44 while the Nifty was down 101.95 points or 1.12 percent at 9,004.30 at around 12.40 pm.

Bajaj Finance, HDFC, ICICI Bank, Axis Bank, IndusInd Bank, Bajaj Auto, Tata Steel, HDFC Bank, Kotak Mahindra Bank and PowerGrid were the top losers in the Sensex pack.

Infosys, Asian Paints, TCS, Tech Mahindra, Ultra Cement, HUL and Hero MotoCorp were the gainers.

RBI steps to help improve functioning of markets, ease financial stress: Nirmala Sitharman

Reserve Bank extends Rs 15,000-cr credit line to EXIM Bank

The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade.

The central bank said Export-Import Bank of India (EXIM Bank) depends on foreign currency borrowings for its operations and as a result of the COVID-19 pandemic, it is unable to raise the resources, due to which the facility is being extended.

"It has been decided to extend a line of credit of Rs 15,000 crore to the EXIM Bank for a period of 90 days from the date of availment with rollover up to a maximum period of one year so as to enable it to avail a US dollar swap facility to meet its foreign exchange requirements," Reserve Bank of India Governor Shaktikanta Das said.

He said the country's export-import trade has suffered because of external demand crippling owing to the pandemic and decline in import of essential goods and services.

Sensex slips 352 points, Nifty below 9,100-mark

The indices extended the losses as Sensex was trading 352.54 points or 1.14 percent lower at 30,580.36 while the Nifty was down 102.10 points or 1.12 percent at 9,004.15 at around 12.15 pm.

Bajaj Finance was the top loser in the Sensex pack slumping nearly 5 percent. Other losers included Axis Bank, HDFC, ICICI Bank, IndusInd Bank, Tata Steel, and Bajaj Auto.

Infosys, Asian Paints, Tech Mahindra, TCS, Ultra Cement, Hero MotoCorp and HUL were among the gainers.

Not possible to restructure accounts without understanding cash flows: PNB

AIIB, PBoC among 16 China-based entities registered as FPI in India

At least 16 China-based institutions, including Asian Infrastructure Investment Bank (AIIB) and People''s Bank of China (PBoC), have got permanent registration as foreign portfolio investors (FPIs) in India.

While AIIB is a multilateral development bank, which has got India as a member too, PBoC is China''s central bank. Other registered FPIs in India include the National Social Security Fund (NSSF), a government-run investment fund established primarily to provide a reserve of funds for China''s social security system.

Sources said the FPI registration is a one-time process and permanent in nature in India for a long time, and most of these China-based institutions have been registered for investment in Indian capital markets for several years.

Dismissing reports about Securities and Exchange Board of India (Sebi) having renewed the FPI licence of PBoC as factually incorrect, sources said there is no question of renewal as all FPI registrations are permanent in nature and all they have to do is pay the prescribed fees every three year to their designated depository participant (DDP).

The regulator has no role in this payment process, they said.

Sensex drops 294 points, Nifty at 9,016

The indices extended the losses as Sensex was trading 293.70 points or 0.95 percent lower at 30,639.20 while the Nifty was down 89.60 points or 0.98 percent at 9,016 at around 11.55 am.

Except IT, all other indices were trading in the red zone.

Axis Bank dropped nearly 5 percent while Bajaj Finance, ICICI Bank, HDFC, Tata Steel, IndusInd Bank and PowerGrid were also among the losers in the Sensex pack.

The gainers included Infosys, Asian Paints, Tech Mahindra, HUL, TCS and Ultra Cement

Reliance Industries shares gain over 1% after KKR deal
    

Shares of Reliance Industries on Friday gained over 1 percent after it announced the sale of a 2.32 percent stake in its digital unit to the US-based private equity giant KKR for Rs 11,367 crore.

The shares of the country's most-valued firm rose by 1.28 percent to Rs 1,458.50 on the BSE. On the National Stock Exchange (NSE), it gained 1.16 percent to Rs 1,458.

Reliance Industries on Friday announced the sale of a 2.32 percent stake in its digital unit to US private equity giant KKR for Rs 11,367 crore, the fifth deal in four weeks that will inject a combined Rs 78,562 crore in the oil-to-telecom conglomerate to help it pare debt.

This is KKR's largest investment in Asia.

Sensex slides over 200 points, Nifty below 9,100

The indices recovered slightly as Sensex was trading 228.44 points or 0.74 percent lower at 30,704.46 while the Nifty was down 71.25 points or 0.78 percent at 9,035 at around 11.35 am.

Axis Ban was the top loser in the Sensex pack declining over 4 percent. Other losers included Bajaj Finance, ICICI Bank, HDFC, and IndusInd Bank.

The gainers included Infosys, Asian Paints, TCS and Tech Mahindra.

'Rate cut will have limited impact in short-term'

The rate cut announced on Friday will have limited impact in the short term, but it is helpful to revive growth over the longer term, said Naveen Kulkarni, Chief Investment Officer, Axis Securities.

However, the decision to extend the moratorium period by another 3 months is a significant negative for the private banks both in the medium and long term. The impact on the banking sector will be negative, he said.

India's fiscal deficit to widen: Moody's

RBI repo rate cut move, major booster to realty sector

The RBI’s repo rate cut of 40 bps – from 4.40 percent to 4 percent now - is a welcome move, said Anuj Puri, Chairman – ANAROCK Property Consultants.

Simultaneously, for the second time in a month, the reverse repo rate has also been slashed by another 40 bps and now stands at 3.35 percent. This is another big step which will ease liquidity for developers - the rate cut will not only send out positive signals but will enable banks to lend even more, he said.

Thus, the rate cuts combined with the further extension of loan moratoriums by 3 months up to August 31, 2020 augurs well for the real estate sector in the times to come, Puri added.

"This move is a major booster shot aiming to cushion the impact of COVID-19 on the Indian economy. Beyond doubt, repo rate cuts do uplift the sentiments of home buyers even further. Home loan interest rates have already gone down substantially over the last year, and are presently at an all-time low averaging between 7.15 percent to 7.8 percent," he said

DBRS Morningstar assigns BBB sovereign Ratings to India

Global rating agency DBRS Inc (DBRS Morningstar) on Friday said it has assigned a ''BBB'' sovereign credit rating to India.

A BBB rating denotes adequate credit quality. As per the ratings terminology, A BBB rating means that "the capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events".

"The assignment of the BBB rating to the Republic of India is supported by DBRS Morningstar's assessment that structural factors of the Indian economy relatively high domestic savings and favorable demographics – underpin the country's growth potential," it said in a statement.

US class action lawsuit against Infosys, top brass dismissed

Infosys on Friday said a class action lawsuit filed against the company and some of its employees in the US District Court has been dismissed.

The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year.

Infosys had disclosed that it had received whistleblower complaints alleging certain unethical practices by the top management. US market regulator Securities and Exchange Commission (SEC) had also investigated the matter.

"The complaint, which was filed in the Eastern District of New York, was brought on behalf of a class consisting of persons or entities who purchased the company's publicly traded securities between 7 July 2018 and 20 October 2019, and alleged claims for violations of the US federal securities laws," Infosys said in a regulatory filing on Friday.

Rajasthan govt cuts mandi charge on sale, purchase of agri produce

The Rajasthan government has announced a reduction in mandi charge on sale and purchase of agriculture produce to provide relief to farmers.

The existing mandi charge on agricultural commodities, including jowar, bajra, maize, cumin and isabgol is 0.5 percent.

The government has now revised downward the charge to 0.5 percent from 2 percent, which the government in the first week of May had decided to levy additionally.

Chief Minister Ashok Gehlot took a decision in this regard on late Thursday night after discussing with representatives of trade organisations across the state related to the food business.

SBI falls over 1% 

'Repo rate cut will reduce borrowing costs'

The Repo rate at 4 percent is going to drastically reduce the borrowing cost and contribute to demand generation, said Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory.

The banks should immediately pass on the reduction in the repo to ensure the objectives of demand creation and liquidity infusion are achieved, he said.

"The extension of moratorium on loans by another 3 months will help institutions and individuals alike in battling the ongoing crisis. The much required liquidity in the market place is also going to get a boost from the measures announced by RBI today. We would also urge the government to focus on reducing the high transaction cost, the same will go a long way in revival of the real estate sector post the lockdown," said Agarwal.

Proactive step by RBI, says Equirius Capital

With the global economy headed towards recession, lockdown impacting government revenues and with the expected inflation heading below 4 percent, it is a proactive step by the Reserve Bank of India (RBI) to reduce policy rates by 40 bps and enabling measures for stability of financial markets, access to finance for all and overall financial stability, SAID Vinay Pai, Head-Fixed Income, Equirus Capital.

Maruti Suzuki ties up with Cholamandalam Investment

Rupee falls 24 paise to 75.85 in early trade

The rupee depreciated 24 paise to 75.85 against the US dollar in opening trade on Friday tracking weak domestic equities and strengthening American currency overseas.

Traders said the weakness in the local unit was largely due to correction in domestic equities and strengthening of the US dollar. Moreover, rising coronavirus cases in the country and US-China trade tensions weighed on the local unit.

The rupee opened weak at 75.72 at the interbank forex market and then fell further to 75.85, down 24 paise over its last close.

It had settled at 75.61 against the US dollar on Thursday.

Sensex falls 350 points, Nifty below 9,000 after RBI's repo rate cut announcement

Sensex dropped 359.95 points or 1.16 percent to 30,572.95 while the Nifty was down 109.80 points or 1.21 percent at 8,996.45 even as the monetary policy committee cuts the repo rate by 40 basis points to 4 percent.

This was a surprise move by RBI since the MPC meet was scheduled in the first week of June.

Term loan moratorium to be extended till 31 August: RBI

The loan moratorium will be extended till 31 August, says RBI governor Shaktikanta Das.

This makes it a six month moratorium. He added that the lending institutions are being permitted to restore the margins for working capital to the origin level by 31 March 2021.

Exports suffer worst fall in 30 years: RBI Governor Shaktikanta Das

GDP growth may remain in negative zone this fiscal: RBI

COVID-19 Impact: Private consumption takes a hit

The biggest blow from COVID-19 came from private consumption slump with consumer durables production falling 33 percent in March 2020, says RBI governor Shaktikanta Das.

There is a collapse in demand in both urban and rural demand since March 2020, says Shaktikanta Das. This, he said, has taken a toll on fiscal revenues. Volume of world trade can shrink by 13-32 percent this year, the governor said

Food inflation now under pressure

As far as food inflation is concerned, RBI Governor Shaktikanta Das said that food inflation which had eased from January 2020 peak in February and March has now surged to 8.6 percent in April.

Here, he said that price of vegetables, oilseeds, and milk emerged as pressure points.

Sensex falls over 100 points, Nifty at 9,070

The RBI repo rate cut by 40 bps to 4 percent failed to cheer the market as indices continued to stay in the red.

Sensex fell 125.05 points or 0.40 percent to 30,807.85 while the Nifty was down 35.35 points or 0.39 percent at 9,070.90 at around 10.10 am.

Tata Steel, HCL Tech, PowerGrid, Axis Bank, HDFC and Bajaj Auto were the top losers in the Sensex pack.

The major gainers were Ultra Cement, Infosys, Asian Paints, Tech Mahindra and SBI.

RBI slashes repo rate by 40 bps

Rupee falls in opening trade

Indices in green ahead of RBI governor's press meet 

RBI Governor Shaktikanta Das to address media at 10 am today

Gold faces weekly decline on signs of growth picking up

Gold steadied on Friday as an escalation in US-China tensions underpinned bullion’s safe-haven appeal, although positive economic data and easing lockdowns in some countries set up the precious metal for a weekly drop.

Spot gold was trading at $1,727.39 per ounce, having dropped 1.4 percent on Thursday. US gold futures rose 0.3 percent to $1,726.50.

Bullion had rallied to its highest since October 2012 on Monday, but has since lost ground and is now heading for a 0.8 percent weekly decline.

Oil drops after China abandons target for 2020 GDP

Oil prices slumped on Friday after China’s decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world’s second-largest oil user.

Brent crude fell $1.56, or 4.3 percent, to $34.50 a barrel, after gaining nearly 1 percent on Thursday.

West Texas Intermediate (WTI) crude dropped by $1.79, or 5.3 percent, to $32.13 a barrel, having gained more than 1 percent in the last session.

Hindalco down over 3%; Tata Steel, Eicher Motors among losers

China drops GDP goal

China dropped its annual growth target for the first time on Friday and pledged more government spending as the COVID-19 pandemic hammers the world’s second-biggest economy, setting a sombre tone to this year’s meeting of parliament in Beijing.

The omission from Premier Li Keqiang’s work report marks the first time China has not set a target for gross domestic product (GDP) since the government began publishing such goals in 1990.

The economy shrank 6.8 percent in the first quarter from a year earlier, the first contraction in decades, as the outbreak of the new coronavirus, which started in the central Chinese city of Wuhan, paralysed production and hit spending.

Infosys, Zee Entertainment​ among top gainers

KKR to invest Rs 11,367 cr in Reliance Jio for 2.32% stake

Reliance Industries Limited (RIL) on Friday announced that private equity firm KKR will invest Rs 11,367 crore in Jio Platforms for a 2.32 percent stake.

Indices open lower; Sensex falls 181 points, Nifty below 9,100-mark

The benchmark indices opened on a negative note with Nifty slipped below 9,100-mark. 

The Sensex fell 180.63 points or 0.58 percent to 30,752.27 while the Nifty was down 63.70 points or 0.70 percent at 9,042.55 at around 9.20 am. 

Tata Steel was the top loser in the Sensex pack falling nearly 2 percent. Other losers included PowerGrid, NTPC, HCL Tech, ONGC and ITC.

The gainers included Infosys, SBI, Reliance, Tech Mahindra and Hero MotoCorp.

Asian markets are trading lower tracking the weak closing from the US markets.

Markets open low