Markets retreat on weak global cues

The market has opened sharply lower in line with weak global cues. The US markets fell on profit booking and on weak earnings. The selling is seen in metal, technology, capital goods, banking and realty stocks.

At 9:56 am, the Sensex fell 265 points to 10,417 and the Nifty lost 78 points to 3,156. The CNX Midcap 100 tumbled 1.34% to 3,925.

Among the frontliners, DLF, HDFC, Bharti Airtel, Hindalco, Infosys, Wipro, Cairn, BHEL, Reliance Infrastructure, HDFC Bank and ICICI Bank have lost ground.

Wipro lost nearly 3%, after its second quarter numbers. Its topline is in line with expectations while bottomline was below the estimated numbers.

Asian markets tumbled following a weak US markets. Hang Seng, Nikkei, Straits Times, Kospi and Jakarta lost 2-4%. Taiwan and Shanghai fell 1-1.5%.

Crude November Futures declined 4% on the NYMEX, as US dollar gained. USD is at 20 months high as against Euro, due to decline in US equity markets and recession concerns.

The US markets sold off in the final hour of trading with the Dow Jones shedding as much as 200 points. The reason, a new $ 540 billion government plan to boost money market funds and some dismal corporate outlooks keeping investors on the edge. The Dow plunged 231.77 points, or 2.50%, to 9,033.66. The S&P 500 index lost 30.35 points, or 3.08%, to 955.05. The Nasdaq composite index declined 73.35 points, or 4.14%, to 1,696.68.

Market cues:

FIIs net sell USD 208.2 million in equity on October 20

MFs net buy Rs 218.8 crore in equity on October 20

F&O cues:

NSE F&O Open Interest up by Rs 1,906 crore at Rs 71,425 crore

Futures Open Interest up by Rs 1,505 crore and Options Open Interest up by Rs 401 crore

Nifty Oct Futures shed 11 lakh shares in Open Interest

Nifty Nov Futures add 26 lakh shares in Open Interest

Nifty Oct at 7-pt premium, Nov at 30-pt premium

Nifty Open Interest Put-Call ratio at 0.78 Vs 0.71

Nifty Puts add 27.5 lakh shares in Open Interest

Nifty Calls shed 10 lakh shares in Open Interest

Nifty 3100 Put adds 5.9 lakh shares in Open Interest

Nifty 2900 Put adds 5 lakh shares in Open Interest

Nifty 3200 Put adds 4.8 lakh shares in Open Interest

Nifty 3300 Call sheds 3 lakh shares in Open Interest

Nifty 3500 Call sheds 2 lakh shares in Open Interest

Stock Futures Open Interest unchanged