Markets languish in red

The markets continue to trade on a weak note in noon trades. Recovering from the day's low of 18,460, the BSE Sensex is currently at 18,543, down 178 points. The S&P CNX Nifty stood at 5,558, down 58 points, at 1230 hours.

Infosys continues to bear the brunt of the selling pressure owing to lower-than-expected Q1 results, as it currently is the top loser at Rs 2,779, down 4.8%. It is followed by Tata Motors at Rs 1,024, down 2.8% and Wipro atRS 410, down 2.5%.

Among the sectoral indices, BSE IT has taken a major blow as it shed 200 points at 5,892. Mphasis is leading the pack, followed by, Infosys and Wipro.

BSE TECk and BSE AUTO sectors have also shed 94 and 132 points, respectively.

The top gainers include ONGC at Rs 283, up 1%, Hindustan Unilver at Rs 334, up 0.6% and Sterlite Industries  at Rs 165, up 0.5%.

BSE FMCG sector is the biggest gainer at 4,087, up 26 points. ITC, Hindustan Unilever, Colgate Palmolive, Nestle and Dabur are the major gainers.

The broader markets are trading in line with the bourses. The Mid-cap index has shed 26 points at Rs 6,949 and the small-cap index is at Rs 8,311, down 29 points.

The overall market breadth is remarkably negative with 1,573 stocks declining as against 928 advancing on the BSE.