Markets slip in opening trades

Indian markets have slumped this morning on negative cues from global markets. The Sensex opened down 85 points at 20,503. The index is currently at the day's low of 20,421 - down 167 points (1%).

Nifty is at 6,158 - down 36 points.

Global markets are weak this morning. US markets on Thursday slipped after a dissapointing outlook from Cisco dragged IT stocks. Dow slipped 0.7% to 11,283. Nasdaq shed 1% at 2,556.

Asian markets have seen a 1% cut in morning trades. The G-20 summit is being watched by investors worldwide to see how the decisions effect the developing countries. Hang Seng has shed 1% at 24,429. Shanghai Composite is down 1% at 3,117.

SGX Nifty is down 30 points at 6,207.

The trend deciding level for the day is 20690/6223 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20836–21083/6267-6340 levels. However, if NIFTY trades below 20690/6223 levels for the first half-an-hour of trade then it may correct up to 20443–20297/6150-6106 levels", says Angel Broking.

Indian markets, yesterday, dropped in late trades due to selling pressure. The heavyweights Reliance Industries, TCS, Larsen & Tourbo and ICICI Bank all slipped into red - dragging the Sensex 287 points to 20,590. The S&P CNX Nifty shed 81 points to close at 6194 levels.

"We advise investors to use any fall as a buying opportunity with an upside target of 6400", says Ambit Capital.

Most of the sectoral indices, barring healthcare and poer, are in the red this morning. BSE realty index is down 1.3% at 3,624. Metal index is down 1% at 17,420

IT and oil & gas sectors may underperform today, feels SMC Global.

DLF, Bharti Airtel, Hindalco, Reliance Communications and SBI are in the losing side this morning. The stocks have shed 1-2% each in trades.

Yesterday the WPI inflation data was announced by the government. Food price index rose 12.3%, while the fuel price index climbed 10.6% in the year to October 30.

Markets will be looking at the IIP numbers which are set to come out today. Corporate earnings has been encouraging so far. Some major companies are set to announce their numbers today.

Sugar stocks are in the red. Shree Renuka Sugars is down 4%. Balrampur Chini has slipped 2.3%.

Lanco Infratech has slumped 4.3% to Rs 61.25 on a dissapointing set of numbers.