Markets open lower as global rally sees a pause

Markets opened the day lower as the rally in global markets saw a pause. The BSE Sensex was trading lower by 93 points at 17,164 points and the NSE was trading at 5211.40 points, 31.75 points lower at 9.20 AM IST.

Among the early gainers today was infrastructure company IVRCL, which rallied on reports that the Essel Group had acquired more than a 10% stake in the company. The shares of Patni Computers was trading steady ahead of its delisting offer today.

Metal stocks like Hindalco, Sterlite Industries and Sesa Goa traded weak in early morning trades. Markets are expected to be remain range bound in the absence of any major policy decisions.

Markets are also awaiting some clarifications on The New General Anti-Avoidance Rules (GAAR) provisions which will be applicable from April 1. Any measure to tax foreign institutional investors maybe viewed negatively by the markets.

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