Markets at lows of the day

Metal, IT shares drag

Markets has slipped to the day's low with selling pressure in IT and metal shares. The Sensex, after touching a high of 17,527, is now up just 37 points at 17,435. Nifty is up 14 points at 5293.

In Asia, Nikkei added 0.5% to 9,055 on the back of gains in financial stocks. Hang Seng is trading at 1.5% at 19,744. Taiwan Weighted is also up over a per cent.

BSE consumer durables index continues to lead gains and is up 1.5% at 6,381. Rate sensitives - realty and bankex are up 1% each.BSE auto index is up 0.6% at 9,467.

ICICI Bank and Bharti Airtel are the top movers and have contributed 38 points to the Sensex's upmove. Gail India has added 2% to Rs 362. Dr Reddy's, Maruti Suzuki and ONGC are up 1.5% each. Meanwhile, weakness can be seen in BHEl - down 1% at Rs 232. FMCG shares are languishing with HUL down 0.7% at Rs 444. ITC is down 0.3% at Rs 249. The stock had lost considerable ground Monday on reports that the Uttar Pradesh government plans to increase tax on tobacco products from 12.5% to 50%. Metal shares are also trading soft. The key losers from the space includes Sterlite, Tata Steel and Jindal Steel.

TVS Motor has slipped marginally to Rs 35.50. The company reported a drop 0f 7% in sales for the month June 2012 to of 168,693 units in comparison with 182,456 units recorded in June 2011.

Godrej Properties has created a Rs 770 crore development fund with a clutch of global investors to develop residential properties in the country. The stock has surged 5% to Rs 550.

GVK Power and Infrastructure is in discussions with a few private equity players in an effort to dilute stake in GVK Airport Holdings. The stock is up 1.3% at Rs 15.90.

BSE market breadth is positive. Out of 2,111 shares traded, 1,317 shares have advanced while 698 shares have declined.