Lacklustre trades continue

IT shares lead losses

Markets continued to trade on a lacklustre note in late-morning deals. The Sensex, after touching a low of 17,010 is now down 31 points at 17,063. Nifty is flat at 5,212.

Asian markets were weak as Euro zone debt crisis continued to dampen sentiments. China's economy grew at its weakest pace in nearly three years in the first quarter. The Hang Seng is down 0.5% at 20,606. Nikkei slipped 1.5% to 9,487.

Markets would be looking at WPI inflation figures to be declared by the government later today. Tuesday's RBI policy review will also set the tone for the market.

BSE IT index was down 0.8% at 5,358 extending its Friday's fall after Infosys earnings forecast disappointed markets. Infosys's consolidated net profit fell 2.4% to Rs 2,316 crore on 4.8% decline in revenue to Rs 8,852 crore in Q4 March 2012 over Q3 December 2011. Infosys has dropped 1.5% to Rs 2,366. Among other IT shares, Wipro is down 0.5% at Rs 419 while TCS is flat at Rs 1,069.

BSE oil & gas, metal and power indices also traded in red. However, the realty index has gained 1% at 1,784.

Bharti Airtel has slipped 1.3%. Along with Reliance and Infosys, Bharti accounts for a 42 point fall in the Sensex. Among other key losers are NTPC, Mahindra & Mahindra and Jindal Steel.

SBI, on the other hand, has gained 2% at RS 2,253. DLF, Maruti Suzuki, Tata Power, ITC and Gail are up around 1% each.

BSE market breadth is positive. Out of 2,402 stocks traded, 1,371 shares have advanced while 922 shares have declined.