Investors discount new RBI Governor announcement; indices weak

The domestic markets have discounted the announcement on the new Reserve Bank of India governor on Mondaymorning. 

At open, both, the 30-share Sensex and the wider Nifty opened only slightly up from their last week's close. 

Soon after, the two indices broke below the red line. 

The government picked RBI deputy governor Urijit Patel as the new Reserve Bank of India (RBI) governor to replace Raghuram Rajan when he steps down from office on September 4. 

At 10.00 am, Sensex was trading at 28,000.43 , down 77 points or 0.27% lower from it previous closing; while Nifty was down 30.30  points or 0.35% at 8636.60. 

The 30-stock index was with 11 advances and 18 declines and 1 remaining unchanged, while that of 51-stock index stood at 18 advances and 32 declines and 1 remaining unchanged. 

The top gainers on the BSE were Hindustan Unilever at Rs 927 up by 1.65%, Cipla at Rs 564.35 up 1.58%, and Adani Ports at Rs 276.35 rising by 1.23%. Power Grid, ITC, Gail India, Coal India and ONGC, were trading in the range of 0.70% - 1%. 

The top losers were Tata Steel at Rs 386.55 below 1.47%, followed by Lupin at Rs 1557.20 (1.27%), Hero MotoCorp at Rs 3324.75 (1.03%), Mahindra & Mahindra at Rs 1441.55 (0.85%), Sun Pharma at Rs 776.25 (0.82%) and Maruti Suzuki at Rs 4859.80 (0.80%).

Mixed Asian markets, with Hong Kong and China's shares shrinking kept investors cautious in early trade, in the domestic markets. The Hong Kong's Hang Seng index was trading down 76.26 points or 0.33% at 22,860.96, while Shanghai SE Composite Index of China was off 20 points or 0.63% at 3,088.37. 

Japan shares were trading higher at 16,580.05 up by 34.23 points or 0.21%.