Markets in red

Markets have opened in the green - recovering somewhat from Thursday's losses. The Sensex opened at 19,402 - up 84 points. The index, thereafter, started to slip and is now down 184 points at 19,134.

Nifty is down 57 points at 5,742.

Asian markets are trading on a soft note this morning, owing to continued worries of Ireland's debt recovery. The Hang Seng is down 34 points at 23,021. Shanghai is down over 1% at 2,865. Seoul Composite, Taiwan Weighted and Straits Times are also in red.

The SGX Nifty is trading 17 points lower at 5,840.

US markets remained closed on Thursday on account of Thanksgiving.

Back home on Thursday, markets shrugged off a decline in food inlfation to a three-month low to end below the dotted line. The ongoing housing loan scam took several infrastructure and banking stocks in red. HCC, DB Realty, Money Matters and Punjab National Bank were some of the big losers.

Today would be an inmportant day to watch as yesterday, the Nifty dropped below 5,800.

"If Nifty does not show strength above 5800 levels then selling pressure till 5750/5700/5650 levels may also be seen," says  Puneet Kinra – Senior Technical Analyst (Equity Research), Bonanza Portfolio.

Investors will be looking towards the MOIL issue as well. Analysts feel that apart from strong business fundamentals, the IPO pricing is reasonable and could result in good returns for investors. Care Ratings has given a rating of 5/5 for the IPO.

Most of the sectoral indices are trading in red. BSE realty index continues to drop and is now down 4.5% at 2,745.

BSE metal index has dropped 1.7%, followed by auto, banking and PSU.

Jaiprakash Associates has crashed 9% to Rs 105 after being named by the CBI in the housing loan scam.

DLF, Tata Motors, Hindalco, Sterlite, Reliance Infrastructure and Reliance Communications have all dropped in red.

Money Matters continues to trade in red - down 10% in opening trades.