Markets end lower on late selling

Markets opened flat today on weak cues from Asian markets. The Nifty extended losses in late noon trades as European markets opened in the negative. It slumped to a low of 5,218 as Tata Power declared lower-than-expected Q3 numbers.

The Nifty finally ended at 5,226 - down 49 points.

The Sensex ended down 155 points at 17,486.

European markets are in the red today. The CAC 40 has dropped 27 points to 3,951. DAX is down 50 points at 5,869.

Asian markets had dropped in trades. The Nikkei dropped 0.83% to 10,765. However, Hang Seng added 1.02% to 21,678.

The BSE realty index dropped 1.75% to 4,007, followed by IT and health care. However, bankex and consumer durables indices were up slightly.

Tata Power dipped 1.5% to Rs 1,420 on a drop in sales in the quarter ended December 2009. Net profit jumped around 40% in the same quarter to Rs 142 crore.

Cements stocks were down. ACC slumped 3% to Rs 953. Grasim shed 2.3% at Rs 2,722.

Hindalco and TCS dropped 2.5% each to Rs 163 and Rs 781, respectively.

Reliance Communications slipped 2% to Rs 186. Jaiprakash Associates, HDFC, DLF, Hero Honda, Sun Pharma and NTPC declined in trades.

On the other hand, BHEL jumped 1% to Rs 2,397 on plans of disinvestment as the whole PSU index gained.

SBI and HDFC Bank added marginally.

The market breadth was fairly negative. Out of 2,994 stocks traded, 1,824 have declined while 1,115 stocks have declined.