FIRST TRADE: Equity indices open with mild weakness, Sensex down 13 pts, Nifty at 24,772

Amid mixed global cues, Indian equities opened weak for the seventh consecutive day. At the start, Nifty opened 0.1 per cent weak at 24,771.5, while the Sensex was down 0.02 per cent or 13.22 at 81,036.78.

Nifty Bank also recouped some of its previous day's losses led by gains in the stocks like HDFC Bank, SBI Bank, Axis Bank and ICICI Bank among others.

Meanwhile, broader markets continued to decline, extending previous day's losses with up to 0.8 per cent cut on Nifty Midcap 100 and Nifty Smallcap 100 indices.

Sectorally, it was a mixed session, with the metal pack seeing the most brunt of over 3 per cent, followed by oil & gas, auto and IT pack, while financials, FMCG and private bank indices trading in the green.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "Market has turned weak responding to negative cues from escalating geopolitical tensions in the Middle East, massive FPI selling and concerns surrounding the election results due today. The most important trigger which pulled the Nifty 5.6% down from the peak has been the sustained big FPI selling during the last six trading days. There are enough indicators to show that FPIs have been following a ‘Sell India, Buy China’ strategy. Elevated valuations in India and cheap valuations for Chinese stocks triggered this change in FPI strategy."

Crude prices have been another for the Indian markets with prices scaling higher levels amid escalating Middle East crisis. The Brent crude last traded near $80 per bbl, while the WTI crude was hovering around $76 per bbl mark.

Meanwhile, the MSCI Asia Pacific ex Japan index traded with a cut of 2 per cent even as China's market opened on a strong note today after a week long holiday betting on China's stimulus measures.