Markets opened the day lower, in line with overseas markets, which were trading soft following the minutes of the Federal Open Market Committee (FOMC) meeting which did not suggest any push for Quantitative Easing 3 (QE3).
The BSE Sensex was trading lower at 17,509 points at 9.20 am IST down 87 points, while the NSE Nifty was trading lower at 5326 points, down 31 points.
The QE3 disappointment is likely to last for a few days. QE3 is a mechanism wherein the central bank buys financial assets to inject more liquidity into the system to push economic growth. Thus more money sparks a rally in commodities. However, the problem with quantitative easing is that it tends to push inflation higher.
Among the major gainers in early trade were power companies like Tata Power and Reliance Power and Cairn India.
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