Markets drop on global cues

Markets today ended near the day's low on weak cues from the global peers. The Sensex touched a high of 17,623 on opening but started slipping soon after on pressure in metal and banking stocks. Towards the end of the day, the Sensex slumped further to a low of 17,447 and ended at 17,471 - down 143 points.



Nifty ended at 48 points at 5,241.

BSE mid and small-cap indices, however, outperformed the broader index. The mid-cap index slipped 0.1% to 7,185. Small-cap index was down 0.15% at 9,173.

Most of the sectoral indices were in the red barring consumer durables and IT. BSE oil & gas index dropped 2% to 10,479, followed by metal and bankex.

Asian markets ended lower on worries of economic slowdown. The Hang Seng dropped 1% to 19,857. Nikkei slipped 0.6% at 9,279.

Ending a five-day string of losses, the major indexes bounced back after the S&P 500 closed at a 10-month low on Friday, but investors used the morning's gains as an opportunity to sell rather than establish new long positions. The Dow was up 0.5% at 9,743. S&P added 0.5% at 1,028.

Tata Motors dropped 2.2% to Rs 751.

Metal stocks were in the red. Sterlite shed 2% at Rs 159. Hindalco slipped 1.2% to Rs 142. Tata Steel and Jindal Steel slipped around 1% each.

ONGC declined 1.8% to Rs 1,267. Market heavyweight, Reliance, tumbled 1.8% to Rs 1,052.

ICICI Bank was the biggest loser among banking stocks in the index and dropped 1.5% to Rs 846. HDFC Bank slipped 1% to Rs 1,936.

HDFC, DLF, Cipla, Jaiptakash Associates and Mahindra & Mahindra were some of the other big losers in the market today.

However, telecom stocks were up through the day. Bharti Airtel added 1.8% to Rs 276. Reliance Communications pared early gains and ended up 1.5% at Rs 185.

Among other stocks, Indian Bank jumped 5.5% to Rs 238. Pantaloon Retail, Marico, Indiabulls Financial Services and RCF added 3-5% each.

The A group losers included REI Agro, Glaxosmithkline Consumer Durables, Sesa Goa and Yes Bank.

BSE market breadth was marginally negative. Out of 3,007 stocks traded, 1,548 declined while 1,342 advanced.

VALUE TOPPERS...

JSW Steel topped the value chart with a turnover of Rs 100.71 cr, followed by Aban Offshore (Rs 97.60 cr), Tata Steel (Rs 86.34 cr) and IFCI (Rs 84.11 cr).