Indian Markets Open Lower; BSE Sensex Down 350 Points

Indian stock markets opened lower on Friday, led by selling in FMCG and banking stocks. The S&P BSE Sensex dropped 352 points, or 1.28 percent at 27166.01. The Nifty50 fell 1.50 percent to 8398.05.

The Indian rupee dropped 47 paise to trade at 67 versus the US dollar on Friday.

Tata Motors reported a 9 percent gain in October global wholesales to 101,057 units.

Direxion Daily India Bull 2X Shares INDL dropped 4.56 percent to close at $50.03 on Thursday, while PowerShares India Portfolio (ETF) PIN fell 1.49 percent to close at $19.79.

US stock markets closed mostly higher overnight, with the Dow Jones Industrial Average gaining 1.17 percent, the S&P500 index gaining 0.20 per cent, and the Nasdaq Composite dropping 0.81 percent.

US WTI crude futures on the NYMEX dropped 0.36 percent to trade at $44.50 per barrel.

Top market movers among the BSE index are as follows

• Sambandam Spinning Mills Ltd. rose about 20 percent to 129.10 INR.
• CG-VAK Software & Exports Ltd. rose 15 percent to 39.80 INR.
• Global Vectra Helicorp Ltd. shares surged 12 percent to 101.60 INR.
• Noble Explochem Ltd. shares gained around 12 percent to 12.48 INR.

• FCS Software Solutions Ltd. dropped around 14 percent to 0.30 INR.
• AMD Industries Ltd. fell around 11 percent to 32.15 INR.
• Orient Abrasives Ltd. slipped 11 percent to 31.95 INR.
• BLB Ltd. shares declined 10 percent to 5.95 INR.