The markets have erased gains and slipped into the negative zone within minutes of opening. The Sensex, after opening at 17,661 slipped to a low of 17,504. Nifty is down marginally at 5,332.
Global stocks rose on Thursday as investors focused on an improving US labour market and other data in hope the rally would advance further.
The Dow Jones industrial average closed up 0.22 per cent at 12,980. The Standard & Poor's 500 Index gained 0.6 per cent at 1,374 levels.
Asian shares and the euro inched up on Friday. The MSCI Asia Pacific ex-Japan was up 0.4 per cent, while Japan's Nikkei opened up 0.9 per cent.
BSE realty index has dipped 2% in opening trades. PSU, bankex and oil & gas indices have dropped nearly 1% each.
ONGC is down 3% at Rs 279 in morning trades after LIC bailed out of the issue. The sale of government's 5 per cent stake in ONGC through an auction finally managed to sail through with estimated proceeds of about Rs 12,000 crore.
DLF has slumped 5% to Rs 201.Bajaj Auto, SBI, HDFC and HDFC Bank have shed around 1% each. Meanwhile, Sun Pharma has added 1.7% to Rs 559. BHEL, NTPC and Tata Steel have added 1% each.
MphasiS reported 18.5 per cent decline in net profit to 184.9 crore rupees for the quarter ending January 2012 post market hours yesterday. The stock is down 5% at Rs 409.
Zee TV has received the much-awaited landing rights in China which will enable the company to cater to audience in the mandarin country. The stock is up 4% at Rs 135.
Videocon Industries has reported 47 per cent decline in net profit for the fourth quarter ended December 2011 at 86.4 crore rupees. The stock is up 3% at Rs 190.
