Markets languish in red

The Indian markets continue to languish in the red and the Sensex is now at 17, 592, down 50 points. The NSE Nifty is at 5,258, down 16 points.
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(Updated at 1053hrs)

Markets have been volatile in a narrow band since morning and have now dropped to the day's low.

The Sensex after touching a high of 17,665, dropped 71 points from there to a low of 17,594. The index is now down 22 points at 17,619.

The Nifty is down nine points at 5,267.

IT stocks have dropped. The IT index is down 0.73% at 5,394. However, the consumer durables, PSU and metal indices are up in green this morning.

ACC has shed 3% at Rs 955. Hero Honda and Mahindra & Mahindra have slipped 1.5% each to Rs 1,669 and Rs 1,162, respectively.

HDFC has dropped 1.4% to Rs 2,521. ONGC, TCS, Wipro, DLF and Grasim have declined aroudn 1% each.

On the other hand, Reliance Infrastructure has gained 1.6% at Rs 1,147. Sterlite and BHEL have added over 1% to Rs 878 and Rs 2,403, respectively.

Tata Motors and Tata Power are up around 1% each.

The BSE market breadth is positive. Out of 2,682 stocks traded, 1,578 have advanced while 1,024 have declined.