Global cues rattle markets

The markets have been reeling under intense selling in noon trades. The Sensex is quoting at 18,025, weaker by 300 points or 1.7% and the Nifty has hit the lowest level in almost nine weeks at 5391, down 93 points. The midcap index is at 6665, weaker by 90 points and the smallcap index is at 8185, down 115 points.

The markets had skid earlier in the day on the back of a dismal set of cues from the Asian front. And the nervous opening across Europe seems to have only intensified the pain.  Asian markets are down in the region of 1-3% each, while the CAC, FTSE abd DAX have lost more than a percent each in early trades.

India's largest power equipment maker by sales Bhel has slipped by 3.4% at Rs 2003 post its results. The company's Q4 net profit stood at Rs 2798 crore versus Rs 1909.58 crore.

The rate-sensitive banking space is having a bad time in line with the overall markets. ICICI Bank has plummeted 3.4% at Rs 1008 and HDFC Bank has lost 2.5% at Rs 2258.

Metal stocks have declined on concerns about sluggish global economic recovery. Sesa Goa lost 4.1% on reports the Serious Fraud Investigation Office has recommended prosecution against the iron ore exporter. Sterlite has slid by 3% at Rs 163 and Tata Steel has lost 2.8% at Rs 561.

Mahindra Satyam has dipped 3.8% at Rs 73 after reporting a consolidated net loss of Rs 327 crore for the quarter ended March 2011, against a net profit of Rs 58.90 crore in the preceding December 2010 quarter. Income from operations grew 7% at Rs 1,375 crore on a quarter-on-quarter basis.

Larsen & Toubro has fallen 1.7% at Rs 1623 after surging late last week on the back of a healthy order book position.

On the other hand, ITC has risen 1.6% on good Q4 results to emerge as the lone gainer from the Sensex pack. The cigarette maker's net profit rose 24.63% to Rs 1281.48 crore on 16.53% rise in total income to Rs 6062.15 crore in Q4 March 2011 over Q4 March 2010.

The market breadth is negative. Out of 2671 stocks traded on the BSE, there are 682 advancing stocks as against 1894 declines.