Markets weak in noon trades

The Sensex is quoting at 17,161, lower by 104 points and the Nifty is at 5,142, down 36 points.

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(Updated at 1245pm)

Markets have continued lacklustre trades this afternoon.

The Sensex is down seven points at 17,259. The Nifty is at 5,168- down 10 points.

India's annual headline inflation in April eased in line with expectations, adding to the likelihood that the Reserve Bank will hold off on further monetary policy tightening ahead of a scheduled review in July.

BSE metal index continues to trade soft and is now down 1.5% at 16,207. The oil and realty indices have added nearly 1% each.

Tata Steel has dropped 2% to Rs 564. Sterlite has shed 1.7% at Rs 717. Hindalco has slipped 0.8% to Rs 168.

Jaiprakash Associates has dropped 1.4% to Rs 131.

Market heavyweight, Reliance, has declined 1.2% to Rs 1,058.

On the hand, Bharti Airtel has gained 2.5% at Rs 265. ITC has jumped 2.3% to Rs 272.

TCS, Grasim and BHEL have added 1% each in trades.

The BSE market breadth is marginally negative. Out of 2,787 stocks traded, 1,476 have declined while 1,202 have advanced.