Market opens weak on weak eco data

IIP, released yesterday dissapointed while retail inflation jumped in October

Market opened on a weak note on Friday after yesterday's over 1% cut on the benchmark indices as two sets of data released on Thursday showed a sharp spike in retail inflation and a worse-than-expected contraction in industrial production. As a result, market players expect the central bank to increase the repo rate by at least 25 basis points to eight per cent - exactly the level at the beginning of this year.

The 30-share BSE Sensex opened at 20867.17 down almost 152 points and the 50-share Nifty was opened at 6,201.30 up almost 61 points.