Markets have opened in the red with moderate cuts seen on the indices. However some of the stocks from specific sectors have seen major declines.
At 9:30AM, the Nifty has been holding up with 36 points cut, at 5206, down by -0.7%. It would be interesting to watch if the index can hold on to the 200 day moving average, close to the 5170 level. Analysts expect a major cut in the markets, if Nifty breaks down this below this.
ONGC has fallen by 1.4%. This has dragged the index significantly.