The markets have opened with a 15-minute delay today for the pre-session call auction. The session, to reduce volatility and for better price discovery, will be a norm from today.The Sensex was trading 93 points lower at 20,031 and the Nifty declined 29 points to 6,033 at 9.20 am.
Sectorally, most sectors were trading flat. On the downside, the auto and banking stocks saw some selling pressure. The Oil and gas stocks rose in early trade.
On the broader markets, small caps rose.
Shardul Kulkarni of Angel Broking said that the markets are likely to consolidate in a range of 6,100-6,300. However he did not discount the possibility of a breakdown when the Nifty might touch 5,950-5,930 levels. Kulkarni added that if the Nifty breaches the 5,930 level on the downside, it might head for 5,800. He added that liquidity might dry up in the next few days and the market might trade sideways or there might be a price correction.
Global cues were weak. The Asian markets were trading lower. The Nikkei 225 in Japan was trading 0.21 per cent higher at 9,520 at 9.16 am. The Hang Seng was trading 0.80 per cent lower and the Straits Times in Singapore was flat, trading 0.02 per cent lower.
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