Markets open weak on negative global cues

Mumbai, May 18: The Sensex today opened in the red at 14,261.47 on the Bombay Stock Exchange (BSE) but recovered marginally by a nominal gain of around 3 points during early trade at 14,302.03, from it's previous close of 14,299.71, on the back of weak global cues.

The Nifty Index also opened weaker at 4,216.50 on the National Stock Exchange (NSE) from it's previous close of 4,219.55 and was trading at 4,216.00, a loss of around 3 points during early trade.

Grasim Industries, Larsen&Toubro, Bharti Airtel, BHEL, Gujarat Ambuja Cements, Tata Motors, Ranbaxy Laboratories, Infosys Technologies and HDFC are down in the red.

Among early gainers in the Sensex pack include HDFC Bank, which has moved up by a little over 1 per cent to Rs 1047. Tata Consultancy Services is also up nearly 1 per cent at Rs 1,260.25.

ONGC, Wipro, Maruti Udyog and ACC have gained 0.5 per cent to 1 per cent.

Satyam Computers, ICICI Bank, Hero Honda, Reliance Energy, Ranbaxy Laboratories and Cipla are up marginally over their previous closing levels.

Besides, Hindustan Petroleum Corporation, BPCL, Sterlite Industries, Punjab National Bank, Nalco, Reliance Petroleum and GAIL India are down with sharp to moderate losses. HCL Technologies, VSNL, Mahindra&Mahindra and Dabur India have posted smart gains.

Asian stocks moved lower today as investors in Japan, Singapore and South Korea went on a selling sphere. Japan's Nikkei slipped 0.18 per cent or 31.89 points at 17,466.71. Singapore's Straits Times declined 0.71 per cent or 24.95 points at 3,500.56. South Korea's Seoul Composite was down 0.42 per cent or 6.83 points at 1,608.75. However, Taiwan's Taiwan Weighted was up 0.15 per cent or 12.44 points at 8,050.40.

In the US, the Dow yesterday fell 10.81 points, or 0.08 per cent, to 13,476.72.

UNI