Sensex falls to 52-week low at open

The BSE Mid-cap Index is trading down 1.76% at 10,059, whereas BSE Small-cap Index is trading down 1.58% at 10,359.

At 9:19 AM, the S&P BSE Sensex is trading at 24,125 down 355 points, while NSE Nifty is trading at 7,333 down 102 points.

The BSE Mid-cap Index is trading down 1.76% at 10,059, whereas BSE Small-cap Index is trading down 1.58% at 10,359.

Global cues are subdued for now. Nikkei is trading lower by almost a percent while South Korea’s Kospi has dropped by half a percent. Sluggish GDP growth from China has raised hopes of further stimulus by the Chinese government. The US stock indices reversed early gains to close nearly flat on Tuesday amid persistent worries over the state of the global economy. The S&P 500 index rose by less than 0.1%, Dow Jones gave up most of its nearly 200-point gain to close 0.2% while Nasdaq shed 0.3%. On Wall Street, the energy sector fell by 2.2% on Tuesday and has slumped by more than 10.7% since the beginning of the year.

The International Monetary Fund (IMF) retained India's growth forecast for the next two years.IMF expects Indian economy to grow 7.5% in FY17 and FY18, the fastest among major economies. The IMF has pegged the current year's growth at 7.3%, same as last year. The global economy is forecast to grow 3.4% in 2016 and 3.6% in 2017, according to IMF.

Petrol price in Delhi was hiked by 96 paise per litre and diesel by 53 paise. Petrol costs Rs 59.99 per  litre as against Rs 59.03 a litre previously.