Markets subdued on global cues

The markets have been dragged down by weak global cues. The US stocks fell overnight after Dubai's unresolved debt problems and Fitch Ratings' downgrade of Greece's bond rating dented risk appetite. And corporate news in the States raised doubts about consumer spending, a key requirement for the recovery to take hold. And the dampening investor confidence rubbed off on the Asian investor in morning trades.

The Sensex is quoting marginally lower (16 points) at 17,211 and the Nifty is down 7 points at 5,140. Metals, banks and FMCG stocks are feeling the pressure.

Sterlite (weaker by Rs 17 or 2% at Rs 845), Tata Steel (lower by Rs 11 or 2% at Rs 557) and HDFC (down Rs 40 or 1.5% at Rs 2,751) are among the notable losers.

Hero Honda (stronger by Rs 34 or 2% at Rs 1,706) and Sun Pharma (higher by Rs 25 or 1.7% at Rs 1,492) and DLF (up Rs 5 or 1.3% at Rs 387) feature in the list of gainers.

The market breadth is Strong. Out of 1378 stocks traded on the BS, there are 1,378 advancing stocks as against 928 declines.