Markets open on a quiet note, Sensex down 50 points

Markets opened lower following weakness across Asian markets after Japan's credit score was downgraded by Moody's, citing country's large budget deficit. The Nifty rejected 15 points, to 4, 931 and the Sensex was down 46 factors, 16, 452.



Markets across Asia reversed early gains after ratings agency-Moody's Investor Service downgraded Japan's credit score from Aa3 to Aa2 due to large build up in government debt since 2009 along with a high budget deficit. The Japan's Nikkei Stock Average declined 0. 5%, Hong Kong's Suspend Seng declined 0. 9% and China's Shanghai Composite was trading flat. Monetary shares were leading the losses on Wednesday morning in Asia.

Overnight, Wall Street locked gains for that second consecutive day after recent data showed a weaker than-expected housing marketplace. The Dow Jones Industrial Average added 3%, the Nasdaq Composite Index as well as S&P 500 surged 3. 4%.