Indian Stock Markets Down as global markets remain weak

Stock Markets opened weak on Wednesday as expected by most Technical Analysts. The Global markets were weak and US Stocks closed down by nearly 3 percent due to service sector weakness.

BSE Sensex opened weak and within first 10 minutes of trade was below 18,000 mark. NSE Nifty lost around 200 points in first five minutes of trade as major index stocks lost in early trades.

Technology Stocks were also trading with big loss. Wipro was down by 4.2%. Infosys Technologies lost over 4% at 1540. Satyam Computers was trading at 419 with a loss of 4 percent at 11.10 a.m.

At 11.10 a.m., most of the index counters were trading with loss. ICICI Bank lost over 2.5%.

NALCO was down by 3.5% at Rs. 399. ONGC, Hind Petro, SBI and SAIL were major losers in today's trade.

Most of the stocks from Tata group were down. Auto Major Tata Motors (down by 3.1%), Tata Chem (down by 1.6%), Tata Tea (down by 0.6%) and Tata Power (down by 1.7%).

Dow Jones Industrial Average closed 370 points lower at 12,265. Nasdaq was down by over 3 percent at 2309 with a loss of 73 points. Indian markets are expected to close with a loss of 3 – 4 % today.

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