Indian Stock Markets opened weak on Thursday. Global cues were negative as crude oil touched another lifetime high. Dow Jones Industrial Average close 206 points lower while Nasdaq Composite lost 1.8% at 2,438. NSE Nifty was trading 55 points down at 5,080 during the first hour of trading session. Major losers were Technology Stocks and Banking counters.

Satyam Computers was down by 4.5% at Rs 466 at 11.05 am IST. Infosys Technologies was also down by 4.2% followed by Wipro. Among banking stocks, Axis Bank, ICICI Bank, HDFC Bank, Bank of India and SBI were trading lower.

Among gainers in early trading session were VSNL, Reliance Communications, Idea Cellular and Mastek. ACC was trading with a gain of 1 percent. The stock touched an intraday high of Rs 748.

Oil stocks were under pressure. HPCL was down by 1.4%. BPCL was down by almost 2% in early trades. Reliance Energy was down by 2.7% at Rs 1397.

Technical Analyst Ashwani Gujral has suggested a “Sell” for Petroleum majors HPCL and BPCL. As crude is touching record highs, oil companies may see pressure in margins. Mr. Gujral has suggested HPCL sell with a short term target of Rs 210. For BPCL, he has suggested a target of Rs 352.