The Indian markets opened marginally down, tracking global cues. The BSE Sensex opened at 16,776, down 70 points and the Nifty opened at 5,028, down 22 points.
The markets may react to the reports that the government has put the proposal of allowing FDI in retail sector on hold for now.
For the week ended December 2, the Sensex jumped 7.3 per cent to end at 16,847, while the Nifty surged 7.2 per cent to close at 5,050.
In Asia, Japanese stocks extended the biggest weekly gain in two years after the Italian premier announced 30 billion euros of austerity and growth measures, boosting optimism Europe’s debt crisis would be contained. The Nikkei rose 0.4 per cent to 8,673.66, while the broader Topix climbed 0.2 per cent to 746.
All the sectoral indices are in the negative zone with bankex and metal indices leading the losses. The indices are down 0.7% each at 10,471 and 10,836, respectively.
Hindalco, from themetal pack is the biggest loser - down 2.5% at 132. ICICI Bank, along with Reliance, accounts for 22 point loss in the Sensex. Tata Steel, STerlite, Jaiprakash Associates and Hero MotoCorp are down over a per cent each.
Ashok Leyland has gained 2.2% at 25.60 after the company reported 53.36 per cent jump in commercial vehicle sales at 7878 units in November.
Retail shares are down with Pantaloons and Shoppers Stop dropping 7-10% respctively. The government has put on hold the the proposal of allowing FDI in retail sector.
The overall market breadth is positive as 631 stocks have advanced against 535 declining ones, on the BSE.
