The market has opened in red after Fed Reserve Chairman Janet Yellen's clarification that the timing of rate hikes will be highly conditional and based on the Fed's assessment of the economy. The Sensex is down 85.21 points at 26546.08 and the Nifty is down 24.85 points at 7950.65. The Indian rupee slipped in the opening trade. It fell by 18 paise to 61.10 per dollar versus previous day's closing value of 60.92 a dollar. Globally, US stocks rose, with the Dow ending at a record and the S&P 500 back above 2,000 after the comments from Federal Reserve. On BSE, midcap and Smallcap are trading higher by 1.14% and 1.87% respectively. On sectoral front realty is the top gainer to add more than 2% while on downside, IT is the only sector to perform lower. Further the market breadth stands positive with 1625 shares are seen advancing against 471 declining shares.