Markets extend further losses

The Sensex is now at 17,384, down 174 points and the NSE Nifty is down 55 points at 5,222.
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(Updated at 1404hrs)

The key bench mark indices have slumped to a fresh intraday low of 17,353 as European markets slipped in opening trades. The metal stocks continues to exhibit weakness on loss of strength in copper prices. The Sensex is now at 17,381, down 200 points and the NSE Nifty is at 5,221, down 56 points.

Metal stocks like Hindalco and Sterlite Industries have slipped 3% each to Rs 172 and Rs 804, respectively. Reliance Infrastrcuture, Jaiprakash Associates and Grasim Industries are down 2% each.

The other major losers are Tata Motors, Hindustan Unilever, Tata Steel, Infosys and Larsen & Toubro, down 1.5% each.

While Hero Honda and Reliance Communications have added over 0.5% each to Rs 1,925 and Rs 164, respectively.

The market breadth is negative, out of 2,863 shares traded, 1,607 have declined and 1,170 have advanced so far on the BSE.

Among the sectoral indices, metal index is down 2% at 17,308 while consumer durables index is up 1%, respectively.

The midcap and the smallcap indices are both marginally down.

Soth Indian Bank has slipped 11% to Rs 155 on the midcap index. Sundaram Clayton is down 9% at Rs 161 on the smallcap index.