Markets open lower; global cues play spoilsport

Weak global cues dragged indices lower, with moist of the sectors seeing a decline. The BSE Sensex was trading at 17,346.95, down 139.07 points, while the NSE Nifty was seen trading at 5273.30 points, down 49.60 points over its previous close.

Among the early losers in trade were IDFC, DLF, ICICI Bank and Hindalco.

Among the gainers were Tata Power, HUL and Ranbaxy Laboratories. HUL gained on reports that the company has signed an agreement to leasehold rights of land and building in Worli to Piramal Realty.

The indices were lower on account of the fact that the US jobs data which was reported on Friday came in weaker than expected. Also, the bond sale in Spain saw interest rates at higher levels.

The major cues to watch out for this week including inflation data and the Infosys results which will be declared on Friday.

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