Markets near day's low, IT, Oil & Gas stocks weigh

Continued selling pressure is driving markets towards its intra-day low levels. The Sensex has shed 104 points at 17,881 and the Nifty is at 5368, down 28 points.

According to Salil Sharma, technical analyst, "The Nifty is trading in a range between 5380-5600 and if the lower level is broken then it would head towards 5312. If that level is broken then the nifty would test its support at 5177".

Meanwhile the European markets have also opened lower. FTSE is at 5665, down 33 points, DAX is at 7064, lower by 45 points and the CAC has shed 40 points at 3752.

Back home, TCS has emerged as the top loser on the Sensex, down 2.7% at Rs 1125, Infosys, Hindalco, ONGC, Mahindra & Mahindra, Reliance Industries, Wipro, HDFC and Larsen & Toubro are aslo trading lower by 1-2% each. On the other hand Tata Steel has gained 2.6% in trades today and is the top gainer. It is followed by Bharti Airtel, Reliance Infrastructure, Tata Power, Bajaj Auto and Hindustan Unilever are also amongst the few gainers.

On the sectoral front, IT stocks continue to witness thye selling pressure. The index has shed 2% or 118 points at 5815. Oil & Gas index is at 8996, down 120 points. Most of the sectoral indices have also slipped into the red barring consumer durable and FMCG indices.

HCL Technologies, Infosys, Patni Computer, OFSS, Wipro and Mphasis are also among the losers on the IT charts, down 1-2.2% each.

The broader markets are also witnessing the selling pressure. The BSE mid-cap and small-cap indices are down 0.7% and 0.6% each respectively.

The overall breadth remains extremely negative as 1738 stocks are declining while 933 stocks are advancing.