Markets extend losses in mid-noon deals

Markets have extended losses in the mid-noon trades owing to weakness in metal and banking stocks. The Sensex from a high of 18,610, which it touched just minuted after the IIP numbers for March were announced, had plunged to a low of 18,388 - down 222 points from the day's high. The Sensex is now down 170 points at 18,415.

The NSE Nifty has declined 57 points to 5,508.

Meanwhile, the March IIP growth slowed to 7.8% when compared to 10.% in the year ago period.

The BSE Metal index has dropped 2% to 15,332, and the Bankex has declined over 1% to 12,464. The IT index also is down almost 1% at 6,019.

Hindalco has plunged over 4% to Rs 196. Sterlite has shed 3% at Rs 171, and Jaiprakash Associates has dropped 2% to Rs 85.

TCS, HDFC, ICICI Bank, SBI, Tata Steel, Larsen & Toubro and ITC are the other prominent losers.

DLF and ONGC are the only two stocks in the positive territory among the Sensex 30 stocks.

The market breadth is extremely negative - out of 2,715 stocks traded so far, 1,624 have declined and 983 have advanced on the BSE.