The Indian markets opened lower on the back of weak global signals. Asian markets were generally weak because of concern over the Chinese financial system.
The Sensex was down 0.38 percent to 16,880 while the Nifty opened 0.43 percent lower in 5064. Both indices had closed in the green for the fourth straight day yesterday.
All sectors, barring health and the car were red, but the broader markets were trading in green.Metal fell by 1.2 per cent. The BSE Small Cap was up 0.32 percent, while the BSE Mid Cap rose 0.14 percent. The market breadth was positive with 56 percent share prior to the 40 percent fall in the BSE.
M & M, Cipla and ITC, the winners of the Sensex, while Hindalco and Ster Lite fell. Most airline shares rose because of the ATF price reduction. The cut comes after six consecutive price increases.
The Nifty rose Suzlon and Kotak while Unitech fell. Among MidCap, continued economic JM to rise on reports of a takeover of the securities business. The stock was up 14.8 percent.
The Asian markets' decline has been led by consumer and technology stocks. Nikkei fell 0.84 per cent mainly due to political turmoil in Japan. The Kospi fell 0.66 percent. Chinese index also fell.
Shanghai Composite fell 0.81 percent, while Shenzen 300 was down 0.84 percent. The Straits Times index was down 0.51 percent. China's 'Purchasing Managers' Index fell in May, and policy measures has dampened real estate activity in the country.
European shares closed mixed. German market was out after Spain's downgrading of Germany is expected to be the biggest recipient of a weaker euro.
Euro weakened marginally to 1.2250 in European trading
The lack of signals from Wall Street with sales of light. Wall Street was closed yesterday because of Memorial Day.
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