Benchmark indices opened the day lower as Asian markets retreated, despite solid gains in the US and European markets.

The Sensex was trading with losses of 50 points, while the Nifty lost 18 points in early trade. Cairn India, Vedanta and PNB lost ground after their exclusion from the Nifty.

BPCL and HPCL saw some selling pressure, following a rally in oil prices. On the other hand ONGC gained ground, after the IEA said that production of shale oil could be affected, leading to a sharp spurt in crude prices.

The banking index was weak in trate with Federal bank, Axis Bank and ICICI Bank among the losers in early trade.

Ultratech, India's largest cement maker saw some buying support after reports that the company is in the race to acquire the cement division of Jaiprakash Associates.

Midcap stocks were also lower in line with the index stocks, with the midcap index losing around 0.50 per cent.

Meanwhile, markets across Asia were trading mixed with the Japanese Nikkei and the Shanghai Composite dropping, while the Straits Times gained ground.

GoodReturns.in