Markets drop; follow weak rupee, weak global cues

Weak Asian cues and a weak rupee dragged indices lower today, with the BSE Sensex dropping 128 points to trade at 16309 points, while the Nifty lost 41 points at 9.40 am IST.

The stock of Tata Motors tumbled 7%, following a set of numbers that disappointed the markets. Analysts were not happy with the numbers from JLR and the company's guidance of difficult market conditions going forward.

Selling pressure was seen across the sectors with banking and capital goods sector bearing the brunt of a weak market. Stocks that saw heavy selling pressure included Axis Bank, BPCL and Jaiprakash Associates.

The rupee continued to be a big drag on the markets and was once again trading below the 56 per dollar mark. At 9.40 am IST, the rupee was trading at 56.14 to the dollar.

In Asia most of the indices were trading lower including the Hong Kong's Hang Sang, Korea's Kospi, Singapore's Strait Times and China's Shanghai Composite.

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