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Markets open marginally in red
December, 29th 2011

Markets have opened in the red following cues from global peers. However, markets are likely to turn choppy as traders roll over their positions in the derivatives segment. Sensex has opened down 72 points at 15,655. The index is now down 100 points at 15,627. Nifty is down 31 points at 4,675.

US stocks fell one per cent on Wednesday as renewed concerns about the euro zones prompted investors to sell equities after last week's hefty year-end rally. The selloff followed the euro's slide to an 11-month low against the US dollar.

Japan's benchmark Nikkei average opened down 0.66 per cent at 8,367.71 on Thursday, while the broader Topix shed 0.31 per cent to 719.24.

Back home, analysts suggest that the overall trend for the Nifty is down, and the index is likely to find support at 4,659 and 4,630 levels.

Rate sensitives continued its fall with the BSE metal index slipping 1% at 9,240. BSE consumer durables and bankex shed around 1% each.

Jindal Steel shed 2.8% at Rs 442. Tata Power pared Wednesday's gains and dropped 1.6% at Rs 90. ICICI Bank, Maruti Suzuki, Tata Steel and SBI dropped around 1% each. Heavyweight Reliance dipped 1.2% at Rs 730.

Meanwhile, ONGC added 0.4%, followed by Cipla and Coal India.

ADAG stocks are in red with Reliance Capital down 1.3%, Reliance Communications down 2.5% and Reliance Infrastructure slipping 1% in morning deals.

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