Markets trade weak, Sensex down 180pts

The markets traded weak in late-morning trades with the BSE Sensex at 15,522, down 178 points and Nifty at 4,652, down 52 points. The markets are likely to remain cautious for the rest of the day ahead of the F&O expiry today.

Earlier in the day, the BSE benchmark index touched the day's low at 15,507 and the day's high at 15,729.

Among the sectoral indices, BSE Consumer DUrables, IT and Metal indices are leading the losses, down 1% each.

Titan Industries, Gitanjali Gems, Videocon Industries, down nearly 2% each, are the top losers from the COnsumer Durables space.

Among the IT stocks, Tech Mahindra, HCL Technologies, Financial Technologies and Infosys, down 2-3% each, are the prominent losers.

On the Sensex, Tata Steel, HDFC Bank, BHEL, Bajaj Auto and Sun Pharma Industries, down 2-3% each, are the prominent losers.

Tata Power and Maruti Suzuki have gained nearly 1% each.

Among individual stocks, Shares of SKS Microfinance today surged by 5% to its highest permissible level for the day— a day after the company's founder and executive chairman Vikram Akula resigned from its board.

The shares rose to as high as Rs 121.80, up 5% from its previous close, within seconds of the commencements of trading in the stock market this morning. Currently, the scrip is trading lower by 3% at Rs 113.

Shares of public sector oil companies are trading mixed after the finance ministry, in an effort to shore up its finances, has asked cash-rich oil PSUs to consider special dividend over and above the 30 per cent interim dividend they anyway have to pay.

According to norms, all profit-making state-owned firms are required to declare a minimum 20% dividend on equity or a minimum dividend payout of 20% of post-tax profits, whichever is higher.

Shares of retailers were up in early trades on expectation that the government may announce foreign direct investment in multi-brand and increase the ceiling on single-brand retail. The Union Cabinet on Thursday will discuss allowing 51% foreign direct investment (FDI) in multi-brand retail and 100% in single-brand retail, a government spokeswoman said on Wednesday.

The overall market breadth was negative as 1,518 stocks have declined against 738 advancing ones, on the BSE.