Markets open on a quiet note

Markets have opened soft this morning mirroring weak global cues. The Sensex opened 75 points lower at 15,786. The index has recovered and is no flat at 15,861. Nifty is unchanged at 4,758.

On Monday, US stocks ended lower as concerns about Europe returned to the forefront after major credit ratings agencies warned that European leaders had not done enough to tackle the region's debt crisis.

Asian markets are in the red with the Euro languishing near two-month lows as investors took fright at the prospect of mass euro zone sovereign ratings downgrades.

Back home this morning, capital goods stocks have continued to be weak after yesterday's fall. Bankex, metal and oil & gas stocks are in red - down less than a per cent each.

On the other hand, IT shares have jumped 0.7% to 5,830. FMCG and auto shares are up marginally in trades.

TCS from the IT space is one of the major gainers - up nearly 1%. Infosys has advanced as well. Mahindra & Mahindra and Baja Auto have added 1% each. Mahindra & Mahindra is planning to set up an assembly plant in Southeast Asia.

Tata Power, Cipla, Hindalco and Sun Pharma have advanced nearly 1% this morning.

Larsen & Toubro is the biggest dragger - down 2% at Rs 1,170. BHEL, ICICI Bank and Tata Steel have dipped around 1% each. Unitech has moved up 0.5% to Rs 21.80 on reports that the company has put the infrastructure vertical demerger plans on hold.

IDFC has sold 25 per cent stake in its mutual fund business to French major Natixis Global Asset Management. The stock is down margianlly at Rs 104.

Emami has recovered from yesterday's fall and is up 2% at Rs 365. The company, which holds a majority stake in Kolkata's AMRI hospital, was hit badly after a fire in the hospital killed around 90 people last week.