New Delhi: on the back of selling pressure seen in IT, cement stocks, the markets on Tuesday opened in red.
The Bombay Stock Exchange benchmark Sensex was down by over 89 points in early trade on heavy profit selling by funds.
The 30-share index dropped by 89.45 points at 14,119.79 in the first few minutes of trading as most of the cement heavyweight stocks like Gujarat Ambuja and ACC lost substantial grounds.
Similarly, the wide-based National Stock Exchange index Nifty fell by 23.40 points at 4,079.05.
Apart from Gujarat Ambuja and ACC, other major losers in opening trade were BHEL, Satyam, Rel Comm, Infosys, Dr Reddys lab, Grasim, SAIL and HLL. However Hindalco, Tata Steel, SBI, Bharti, Tata Motors and Nalco were trading in green.
Asian stocks were mostly lower on Tuesday.
Japan's Nikkei plunged 0.48 per cent or 84.39 points at 17,339.79, Taiwan's Taiwan Weighted fell 0.02 per cent or 1.20 points at 7,841.27, Singapore's Straits Times tumbled 0.40 per cent or 12.60 points at 3,132.60.
However, Hong Kong's Hang Seng was up 0.09 per cent or 19.72 points at 20,791.94 and South Korea's Seoul Composite was flat at 1,362.92.
The Dow Jones industrials fell 88.37 points, or 0.70 per cent, to 12,477.16 - the biggest one-day drop since November 27, when the index fell by 158 points.
Earlier in Monday's session, the Dow declined by 114 points.
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