Markets drop on European cues

Markets have once again dropped into the red. The Nifty after touching a high of 5,409 in early trades, started slipping on European cues.

The index is now down  12 points at 5,381.

European markets have opened soft. The CAC and DAX have dropped 0.5% each to 3,484 and 5,130, respectively.

Sensex is down 13 points at 17,923. Earlier in the day, the index had crossed the 18K mark.

Reliance Communications has gained 2% at Rs 190. Gail has added 1.2% to Rs 446.

HDFC and Hindalco have added 1% each to Rs 3,055 and Rs 152, respectively. Larsen & Toubro and Mahindra & Mahindra are up nearly 1% each.

However, ABB has dropped 2% to Rs 855. DLF, Sterlite and IDFC have dropped 1.6% each.

HCL Tech, Sun Pharma, Reliance Infrastructure, TCS and Hero Honda are the other Nifty losers today.