Sensex extends losses; M&M holds gains

The Sensex has extended losses and is now down 246 points at 8,645.

Reliance Infrastructure has slumped over 7% to Rs 455. Tata Steel has tumbled 6% to Rs 162.

ICICI Bank and Reliance Communications have plunged around 5% each to Rs 311 and Rs 148, respectively.

HDFC Bank has shed 4.6% at Rs 844. ONGC and TCS have dropped 3.7% each to Rs 665 and Rs 463, respectively.

Larsen & Toubro has slipped 3.3% to Rs 591. Bharti Airtel, Grasim, SBI, Jaiprakash Associates and Hindustan Unilever have declined around 3% each to Rs 616, Rs 1,328, Rs 995, Rs 64 and Rs 246, respectively.

Wipro, ACC and Reliance are down 2.5% each at Rs 202, Rs 527 and Rs 1,234, respectively.

Mahindra & Mahindra has surged 2.8% to Rs 319.

The market breadth is fairly negative - out of 2,336 stocks traded so far, 1,550 have declined, 686 have advanced and the rest are unchanged.