Markets open weak

The Indian markets opened in the negative with the Sensex down 23 points at 17,527 and the Nifty started lower by 12 points at 5,266, in line with the negative global markets. The broader markets, on the other hand opened mixed with the midcap index down 0.2% underperforming the Sensex which is down 0.1% and the smallcap index started flat with a positive bias at 7,808.
Among the sectoral indices, Oil & Gas and IT indices are the only indices that started in the positive while Consumer Durables and Realty down 1% each are leading the losses. Rate sensitives, Auto and Bankex have started in the negative down 0.4% each.
Overnight, in the US markets, stocks dropped as investors hoping for positive comments from Fed Chairman Ben Bernanke were disappointed, and that gave them a reason to sell after a four-day rally that had lifted stocks from three-month lows.The Dow Jones industrial average slid 0.6%, to end at 12,109. The Standard & Poor's 500 Index fell 0.6% to 1,287. The Nasdaq Composite Index lost 0.6% to close at 2,669.
In the light of these developments, the Asian markets too started in the negative. The top losers among the Indian indices are Hang Seng down nearly 0.7% followed by Seoul Composite, Taiwan Weighted losing 0.5% each.
Back home, among the top Sensex gainers in the opening trades are Reliance Communications up 1% followed by RIL, ITC and NTPC adding in the range of 0.2-0.7%

Maruti Suzuki, Cipla, Hero Honda, Hindalco, Sterlite Industries and Reliance Infrastructure down 1% each are the top losers among the Sensex scrips.

The market breadth is negative. Of the total 1451 stocks traded on the BSE, 952 stocks declined while 434 advanced.