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Retail chain operators Pantaloon Retail (India), Trent and Shoppers Stop rose more than 10 percent each after the federal government threw open gates for foreign investment in multi-brand retail.
At 9:18 a.m. (0348 GMT), the main 30-share BSE index was down 121 points at 15,780.4, with 25 of its components in the red.
The 50-share NSE index fell 0.75 percent to 4,722 points.