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Markets open soft on global cues

BSE Oil & Gas index down by almost 1%

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Markets have started the day on a lower note tracking weak Asian cues. At 9:35, the was down 38 points at 16,187 and the Nifty dipped 16 points to 4,906.

Overnight, US stocks and the euro edged lower on Thursday as data suggested Europe's debt woes were spreading and worsening a global economic slowdown.

Dow Jones industrial average and the Standard & Poor's 500 Index ended down 0.1% each, respectively.

However, Asian shares inched higher on Friday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%, while Japan's Nikkei stock average opened up 0.6%.

Back home, all the sectoral indices are trading in red zone. Oil & Gas, Metal, PSU and Bankex indices have declined by nearly 1% each. Sectors like Auto, Realty, Technology, Capital Goods, Consumer Durable, Power and Healthcare have slipped marginally.

From the Oil & Gas space, ONGC has declined by over 1%. The stock witnessed significant buying demand yesterday as the subsidy burden on the company would get reduced after the government late Wednesday hiked petrol prices.

Banking and financial shares like HDFC, ICICI Bank, SBI and HDFC Bank have slipped between 0.3-1%. 

IT stocks like Infosys, TCS and Wipro have declined between 0.2-1%.

Other notable losers include Hindalco, JSPL, CIL, Cipla and Sterlite.

On the gaining side telecom major Bharti Airtel is the top Sensex gainer, up over 1%. The company has acquired 49% stake in US telecom major Qualcomm for an initial investment of Rs 907 crore.

Among other shares, Jet Airways has slipped by nearly 2% after posting a consolidated net loss of Rs 354 crore in the March quarter, compared with a loss of Rs 200 crore in the year-ago period.

The market breadth in BSE remains marginally positive with 599 shares advancing and 511 shares declining.

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