Weak global cues drag Sensex

The Sensex continues to trade in the red and has furthur slipped to a new intra-day low of 18,276.This is in light of the US markets openening in the red. FTSE and CAC is down 1% each while DAX ia down 0.6%. The Nifty is down 39 points at 5,504 and the Sensex is at 18,312 down 96 points. Midacp index down 0.7% continues to underperform while the smallcap and the benchmark index is in sync down 0.5%. The Asian markets too are no different. Hang Seng is down 0.5% at 20,779 and the Nikkei is at 8,995, down 1.3%, at a fifteen month low.

Among the BSE sectoral indices, the FMCG index continues to remain in the positive but has pared most of its gains. All the other indices are in the red. Consumer Durables is down 1% while Metal and Realty has shed 2% each. On the European front too there is a huge sell off in the mining and energy stocks which is one of the primary reasons in the fall of the metal index. The mahor graggers in the metal space are Sterlite and Hindustan Zinc down 4% each followed by Hindalco, Sesa Goa and Tata Steel.

Bharti Airtel up nearly 2% is the top gainer on the Sensex followed by TCS, Reliance Communications adding 1% each, SBI, NTPC and ITC inching 0.2-0.4% up.

Apart from the metal scrips, the major losers on the Sensex are DLF and Reliance Infrastructure down 2% each. Jaiprakash Associates,     Maruti Suzuki, HDFC Bank and Infosys are the other significant losers.

Market breadth is negative with 1796 stock declines and 1037 advances.