Markets open lower; selling in realty, banking

UNDER PRESSURE: All Asian markets are also trading weak on the back of renewed financial crisis.

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Mumbai: Markets have opened sharply lower following weak global cues on the back of renewed financial crisis. All Bombay Stock Exchange indices are trading in red. Huge selling has seen in realty, banking, power, capital goods, oil, auto, metal and telecom stocks.

At 0956 hrs IST, the Sensex was down 421 points at 13,104 and Nifty down 131 points at 3,898. Market breadth is weak; nearly 122 shares have advanced while 688 shares declined.

Biggest losers amongst frontliners are L&T, JP Associates, Rel Infra, Reliance Ind, Bharti Airtel, ONGC and Tata Steel.

On the primary market front, First Winner Industries has listed at Rs 98 as against its issue price of Rs 125.

Asian markets were trading weak. Jakarta Composite was down 1.27 per cent, Nikkei -2.3 per cent, Hang Seng -3.3 per cent, Kospi -3.6 per cent and Taiwan -3.4 per cent.

US markets whipped back and forth and finally landed in negative territory. Freddie Mac and Fannie Mae saw steep declines as the weakness in the housing market continued.

Energy stocks like Exxon Mobil and Chevron led the sector lower as oil eased off. The Dow lost 56.58 points, or 0.50 per cent, to 11,231.96. The S&P's 500 index slipped 10.59 points, or 0.84 per cent, to 1,252.31, and the Nasdaq index dropped 2.06 points, or 0.09 per cent, to 2,243.32.

Market cues:

• FIIs net buy $132 mn in equity
• Domestic MFs net sell Rs 66 crore in equity
• NSE F&O Open Interest up by Rs 714 cr at Rs 67,543 crore
• Left meeting at 11:30 am today to decide on withdrawing support to UPA

F&O cues:

• Nifty up 0.35 per cent; OI up by 0.80 per cent
• Futures Open Int up by Rs 367 cr, Option Open Int up by Rs 348 crore
• Nifty Futures at 50 pts discount Vs 37 pts discount on Monday
• Nifty Futures up 3.2 lakh shares in Open Interest
• Stock Futures shed 84.5 lakh shares in Open Interest
• Nifty Open Int Put-Call ratio at 1.19 Vs 1.09
• Nifty Puts add 15.5 lakh, Nifty Calls shed 9.3 lakh shares in Open Interest
• Nifty 4000 Put adds 13.5 lakh shares in Open Interest
• Nifty 4100 Call adds 4.4 lakh shares in Open Interest
• Nifty Dec 3600 Put adds 3 lakh shares in Open Interest
• Nifty 4300 Call sheds 9 lakh shares in Open Interest
• Nifty 4400 Call sheds 8.5 lakh shares in Open Interest