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Markets open lower on weak global cues

Indian equity markets saw a weak opening on Wednesday, on the back of global cues.

The Sensex fell 219 points to 38,877.41, and the Nifty slid 67.70 points to 11,514 in opening trade (9.20AM).

Sectorally, except IT, all other indices are trading in the red.

Midcap and smallcap indices are also trading with a marginal loss.

Zee Entertainment, Power Grid, and HCL Tech were the top gainers on the indices, while SBI, Tata Motors, and HDFC Ltd. were the top losers.

Asian stocks fell on Wednesday after US lawmakers called for an impeachment inquiry into President Donald Trump, causing a political turmoil.

Further, trade concerns emerged with Trump saying that he will not accept a “bad deal” in trade talks with China as the world’s two largest economies meet in early October to end the long-drawn trade war.

The Indian rupee opened lower at 71.07/$ on Wednesday vs. its previous close 71.01/$.

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