Markets extend losses

The Sensex slipped further in the early afternoon trades with the Sensex down 228 points at 17,881 and the Nifty losing 70 points at 5,385. The top index draggers are ICICI Bank, L&T and Infosys accounting for a loss of 103 points.
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(Updated at 1132 hrs)

After a gap-down opening, which was also the lowest for the day thus far, the BSE benchmark index tried to retrace some of its lost ground, edging up 16 points to 17,986. However the selling pressure in heavyweights like L&T, ICICI Bank and Infosys dragged the Sensex lower from thereon. Currently, the Sensex is down 198 points at 17,920 and the Nifty lost 58 points at 5,397.

The picture is no different in the broader markets. The smllcap and the midcap indices are down 1% each in line with the Sensex.

Among the sectoral indices, Oil & Gas is flat since the mid morning trades. All the other indices are trading in the negative. The ones leading the losses are Realty and Capital Goods, down 2% each. The other indices, Consumer Durables, Bankex, Auto, IT and Health Care are down 1% each.

ONGC up 1% followed by ITC and Maruti Suzuki up 0.3% each are the only gainers among the Sensex-30 stocks.

Realty major, DLF continues to be the top loser among the Sensex  stocks followed by L&T, Tata Motors and Jindal Steel down 3% each. The other notable losers are ICICI Bank, Mahindra & Mahindra, Sterlite, Reliance Communications and Jaiprakash Associates down nearly 2% each.

The market breadth continues to be negative. 1771 stocks declined while 678 stocks advanced on the BSE.