Markets open lower; HCL surges 6% on spectacular results

Worries over the escalating debt crisis in Spain, dragged Asian and Indian indices lower today. The BSE Sensex was trading lower by 70 points at 18,856 points, while the Nifty was lower by 15 points at 5113 points at 9.30 am IST.

HCL Technologies rallied more than 6% in early trade today, following a spectacular set of results. Hindustan Unilever, which surged almost 7% on Tuesday saw profit booking, with the stock down more than 1%.

Jindal Steel shed more than 2% following poor set of results posted by the company. Wipro which posted a poor set of numbers continued to drift lower, with the stock down almost 2%.

Among the few gainers in trade today were Infosys Technologies and Sun Pharma. Most of the Asian indices were trading lower, except the Shanghai Composite and Taiwan Weighted which were marginally up.

Markets are expected to continue to take cues from Europe. A worsening of the debt crisis in the region could once again see sharp drop in the equity markets.

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