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ONGC slumps. Markets trade flat.

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.

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.



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