Weakness persists

The bears seem to have the upperhand for the last hour or so. The Sensex is now down 100 points at 17,601. The Nifty is down 26 points at 5,255.
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(Updated at 1153 hrs)

The markets have drifted lower this morning, taking cues from the weakness across Asia. Moreover, investors would be taking some profits off the table after the indices surged to a 22-month closing high on the previous day. The Sensex is quoting at Rs 17,610, down 90 points, and the Nifty is at 5,256, lower by 25 points.

IT stocks have extended their previous day's losses as the rupee has strengthened to a 15-month high. And auto stocks are correcting after gaining splendidly in the recent past.

Tata Motors has slipped by Rs 26 or 3.2% to Rs 786 to be the top loser on the BSE. TCS, Wipro and Infosys have dropped more than 2% each at Rs 716, Rs 677 and Rs 2531 respectively.

Grasim, Jaiprakash Associates and M&M are the other major losers.

The market breadth is positive. Out of 2,738 stocks traded on the BSE, there are 1,685 advancing stocks as against 976 declines.