Sensex tumbles 222 pts opening trade

Sensex resumed lower at 17,407.66 and dropped further to 17,263.37.

The BSE benchmark Sensex tumbled 222 points in the late morning trade due to sustained selling pressure from investors on profit booking amid weak cues from Asian equity markets.

Metals,capital goods,power,banking and oil amp; gas stocks faced heavy sell-offs.

Sensex resumed lower at 17,407.66 and dropped further to 17,263.37. It was at 17,264.31 at 1015 hrs,down 221.71 points or 1.27 per cent from last close on Wednesday.

The NSE 50-share index Nifty fell 72.60 points or 1.36 per cent to 5,250.30 at 1015 hours.

Key benchmark indices edged lower in early trade to hit their lowest level in nearly 1-1/2 weeks on weak Asian stocks.

Major losers were Hindalco 3.91 pc,Jindal Steel 2.98 pc,Bhel 2.74 pc,Lamp;T 2.55 pc,Sterlite 2.35 pc,Gail 2.34 pc and Tata Steel 2.25 pc.

Asian stocks fell for the fourth day on Monday after a weaker-than-expected US jobs report.

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Key indices in China,Japan,Singapore,Taiwan and South Korea fell by up to 1.32 per cent. The stock market in Hong Kong was closed for a public holiday.

Sensex down by 161 pts in opening trade

The BSE benchmark Sensex lost over 161 points in opening trade today on continued selling by foreign funds amid weak trend on Asian bourses.

The 30-share barometer,which lost 111.40 points in the previous session on Wednesday,moved down further by 161.61 points,or 0.92 per cent,to 17,324.41 in the first five minutes of trading.

The markets were closed on Thursday and Friday on account of 8216;Mahavir Jayanti8217; and 8216;Good Friday8217;,respectively.

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All sectoral indices,led by metals,capital goods and banking stocks,fell by up to 1.58 per cent.

Similarly,the wide-based National Stock Exchange index Nifty declined by 50.35 points,or 0.95 per cent,to 5,272.55.

The trading sentiment remained bearish on continued selling by funds and retail investors amid a weak trend in markets in Asia,traders said.

Meanwhile,the Japan8217;s Nikkei fell by 0.97 per cent in early trade.

PREOPEN:Indian stocks to watch-April 9

GLOBAL STOCK MARKETS ROUNDUP

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Asian shares fell on Monday as a sharp slowdown in U.S. jobs growth raised concerns about the strength of the world8217;s largest economy,making investors cautious ahead of more U.S. data and earnings as well as figures from China due this week.

US stocks fell on Friday in brief,holiday-thinned trading after a much weaker-than-expected report on U.S. job growth for March.

KEY EVENTS TO WATCH

Reserve Bank of India Governor Duvvuri Subbaraoto to deliver opening remarks at an event. He is unlikely to comment on monetary policy ahead of the central bank meeting on April 17.1330 GMT

INDIAN STOCKS TO WATCH

India8217;s Supreme Court on Wednesday rejected appeals to overturn an order cancelling telecom licenses awarded in 2008,dealing a blow to Mobile operators including Telenor and Sistema8217;s Indian joint ventures.

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State Bank of India,the country8217;s top lender,expects credit and deposits to grow 20-25 percent in the fiscal year ending in March 2013,A. Krishna Kumar,managing director and group executive for national banking,said on Saturday.

Separately,SBI Chairman Pratib Chaudhuri expressed confidence RBI,faced with a slowing economy and rising inflation,will this month cut the amount of cash that banks must hold as reserves.

Jewelers in India called off their three-week-old strike on Saturday,an industry official said,on assurances from Finance Minister Pranab Mukherjee that the government would consider scrapping a budget proposal to levy excise duty on unbranded jewellery.

OTHER FACTORS TO WATCH

Indian rupee seen down on US data

India bond yields seen down on global growth worries

Dollar hits 1-mth low vs yen

Brent slips below 123 on Iran nuclear talks

Foreign institutional investor flows

For closing rates of Indian ADRs