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The markets have opened on a weaker note following weak global cues as credit crisis fear is not over yet. Selling seen in capital goods, realty, power, banking and oil stocks. The Sensex started trading below 16000 mark while the Nifty broken support of 4700 and trading below that levels. Market breadth is negative, adv:dec ratio nearly 1:7. Midcap and small cap stocks hammered a lot.

At 9:56 am, the Sensex was down 225 points at 15,838 and the Nifty down 63 points at 4676.

Among frontliners, Rel Petro, Unitech, HDFC Bank, BHEL, Rel Infra, Power Grid, Tata Power, L&T, HCL Tech, Tata Comm, Bharti, DLF, SBI, GAIL and Hero Honda slipped further.

Asian markets were trading weak. China's Shanghai Composite slipped 0.46% or 15.94 points at 3,443.10. Japan's Nikkei plunged 1.51% or 218.35 points at 14,221.79. Hong Kong's Hang Seng dropped 1.49% or 370.25 points at 24,461.11. Taiwan's Taiwan Weighted tumbled 0.84% or 73.33 points at 8,651.14. Singapore's Straits Times declined 0.96% or 30.60 points at 3,157.45. South Korea's Seoul Composite fell 1.17% or 21.64 points at 1,825.89.

US markets kicked off June on a low note. The stocks slid on renewed fears that the credit crunch is yet to run its course after S&P downgraded debt ratings of three big securities companies.The Dow Jones industrial average plunged 134.50, or 1.06%, to 12,503.82. The S&P 500 index slipped 14.71 points, or 1.05%, to 1,385.67. The Nasdaq composite index was down 31.13 points, or 1.23%, to 2,491.53.

Market cues:
* FIIs net buy $63.1 mn in equity on May 30: SEBI
* Govt restores tax benefits under DEPB to cement exports
* NSE F&O Open Int up by Rs 1611 crore at Rs 63871 crore

F&O cues:
* Futures Open Int down by Rs 63 crore, Options Open Int up by Rs 1674 crore
* Nifty Futures add 20 lakh shares in Open Int, at 19-point discount
* Nifty Open Int Put-Call ratio at 1.70 Vs 1.86
* Nifty Puts add 9.5 lakh, Calls add 18 lakh shares in Open Int
* Nifty 4800 Put sheds 2.5 lakh shares in Open Int
* Nifty 4700 Put adds 2.8 lakh shares in Open Int
* Nifty 4600 Put adds 1.6 lakh shares in Open Int
* Nifty 5000, 4700, 4800 Calls add 3 lakh shares each in Open Int
* Stock Futures shed marginal Open Int

Source: Moneycontrol.com