Markets slump in morning trades

Markets have extended losses in morning trades. The Sensex, after a flat opening has now slumped over 200 points to a low of 17,133. The BSE benchmark is trading down 205 points at 17,157. The Nifty is down 63 points at 5,215.

Banking shares have dragged the index lower. BSE bankex has dropped 1.7% to 11,651.

ICICI Bank is the biggest dragger among Sensex stocks  and is down 2.8% at Rs 885. SBI has shed 1.2% at RS 2,138. HDFC Bank is down 0.8% at Rs 510.

All the sectoral indics are in the red. The BSE realty index has slipped 1.8%, followed by power and oil & gas.

Among the key losers this morning are NTPC, TCS, BHEL and Mahindra & Mahindra. ONGC, Gail and Larsen & Toubro are also down in trades.
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(Updated at 0933)

The markets have opened soft this morning. The Sensex is down 129 points at 17,234. Nifty is down 29 points at 5,239.

Both the monthly and the quarterly charts indicate that the Sensex is likely to break the 17,000-mark in the near term, technical analysts suggest. On the downside, it can slip to 16,840, or further deeper to 16,500-odd levels, they add.

The Asian stock markets are looking a mixed lead on Monday with a slight upside bias, with disappointing economic data from the United States offset by solid corporate earnings news.

BSE bankex has shed 1% at 11,748. IT and power indices have slipped 0.8% each.

ICICI Bank has shed 2.6% to Rs 887 and is the biggest dragger among Sensex stocks. TCS, BHEL, Larsen & Toubro and SBI have shed over 1% each in morning trades. Coal India is down 1% at Rs 331. NTPC, Tata Power and Mahindra & MAhindra are some of the other major losers this morning.

However, Jindal Steel has added 1.3% at Rs 543. Sterlite is flat at Rs 113.

Among individual stocks, Maruti has advanced 0.8% at Rs 1,319 on reports that the company plans to set up 1,700 crore rupee diesel plant in Gurgaon and has hiked prices of its vehicles by up to 17,000 rupees following the hike in excise duty in the Budget.

Oberoi group company EIH Associated Hotels said it is looking to raise funds through a rights issue. Shares oF EIH has soared 13% to Rs 172.

Aditya Birla Nuvo has moved up 0.6% at Rs 955 as its board will meet today to consider fund-raising proposals.