New Delhi: The stock market on Wednesday opened on a weak note, as there was selling pressure in the IT, metal, oil and gas sectors.
The benchmark Sensex declining by over 50 points following profit-taking by funds and general investors.
Taking cues from the global markets, the BSE-30 share index, Sensex, which had gained more than 208 points on Tuesday, went down by 50.10 points at 14,086.62 in the first five minutes of trading.
Similarly, on the wide-based National Stock Exchange, Nifty was down by 15.95 points at 4125.85.
Stockbrokers said apart from profit-taking by funds at higher levels, weakening trends at other Asian markets also had its impact on the trading sentiments here.
Major losers were MTNL, Satyam, computers, ITC Ltd, Tata Consultancy and Tata Steel.
However, Tata Motors and ACC maintained their upward journey on sustained buying.
Asian stocks drifted lower today, with Japan's Nikkei average losing ground as investors sold Honda Motor Co. ahead of earnings results due later in the day, while cellular operator KDDI fell after posting disappointing quarterly results.
Japan's Nikkei plunged 0.96 per cent or 167.18 points at 17,284.59, Taiwan's Taiwan Weighted slipped 0.51 per cent or 40.99 points at 8,004.02, Singapore's Straits Times was down 0.21 per cent or 7.10 points at 3,367.42, South Korea's Seoul Composite tumbled 0.72 per cent or 11.17 points at 1,545.54. However, Hong Kong's Hang Seng rose 0.07 per cent or 13.70 points at 20,586.50.
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