Markets extend losses on Asian cues

After a weak opening today, the Indian markets have extended losses on subdued cues from Asian peers. The Sensex has dropped further to a low of 16,706 - down 160 points from the day's high. The index is now down 134 points at 16,726.

The Nifty is down 46 points at 4,991.

Most indices, barring PSU, are in the red today. The IT index has dropped 2% to 5,091. The realty, bankex and consumer durables indices are down over 1% each.

Jaiprakash Associates has shed 3% at Rs 423. HDFC Bank has dropped 2.5% to Rs 1,635. DLF has declined 2% to Rs 346.

Infosys and Tata Steel have slipped 1.8% each. Reliance Communications, ICICI Bank, Sterlite, Tata Power and TCS are the other major losers in the Sensex today.

On the other hand, Hindalco has gained 1.5% to Rs 164. Maruti Suzuki has added 1% to Rs 1,452 on a good Q3 number.

The BSE market breadth is negative. Out of 2,497 stocks traded 1,532 have declined while 908 have advanced.