Markets slip from day's high

The Sensex has dropped 55 points to 16,905. The Nifty is down 16 poinst at 5,011.
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(Updated at 1229hrs)

The markets slipped suddenly into the red.

The Sensex dropped below yesterday's close and touched a low of 16,946 - down 175 points from the day's high. The index has now recovered from its low and is at 16,972 - up 15 points.

The Nifty is up five points at 5,032.

Maruti Suzuki has shed 3.2% at Rs 1,546. IT stocks have dropped. TCS and Wipro slipped 3% each to Rs 595 and Rs 581, respectively. Infosys has declined 2.8% to Rs 2,245.

Reliance Communications, Bharti Airtel, Hindustan Unilever and Grasim are down 1-2% each.

On the other hand, Sterlite has gained 5% at Rs 812. BHEL has added 3% to Rs 2,487. Jaiprakash Associates and Hindalco have advanced over 2% each.

Tata Steel, HDFC Bank, Sun Pharma and Larsen & Toubro have moved up over 1% each.

The market breadth is failry positive. out of 2,596 shares traded 1,762 have advanced while 754 have declined.