FIRST TRADE: Equities start marginally lower after US jobs data disappoints; Nifty at 24,815

Indian equities tracking weak Asian markets after the US jobs data disappointed opened lower. At the start, Nifty traded weak by 0.15 per cent or 37 points at 24,815.15 while the Sensex traded lower by 0.17 per cent or 135.74 points at 81,048.19.

Sectorally, it was a sea of red, with only the FMCG stocks trading in the green, with the most brunt seen in the oil & gas and metal stocks.

From the Nifty pack, top gainers included stocks like SBI Life Insurance, HDFC Life, HUL, Cipla and Asian Paints, while the top losers included ONGC, Asian Paints, Hindalco, Power Grid Corporation and Tata Steel

 Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "Market is likely to turn volatile in the coming days as indicated by the spurt in CBOE VIX by 12% to 23.50. Two factors are likely to weigh on markets: one, the outcome of the US presidential elections and two, the Fed decision on rate cut. The presidential election is tight now and can go both ways. The market will be concerned about a possible Trump victory and its consequences on policy,  particularly on trade tariffs, which markets fear can trigger a trade war.

The other concern is regarding the Fed rate action: whether the Fed will cut by 25bp or 50 bp in September. 25 bp cut may be inadequate in the context of the slowing economy and 50bp cut may confirm recession fears. This dilemma has to be resolved by the Fed chief Powell in his message, added Vijaykumar.

Mazagon Dock Shipbuilders shares traded lower by 0.19 per cent at Rs 4,391.95 even as the company bagged an Rs 1,486.4 crorre order from ONGC for subsea pipeline replacement project.

Meanwhile, Asian markets traded mixed after the US jobs data disappointed with the Japan's Nikkei leading the fall, trading lower by over 2 per cent.