Markets languish in red

Markets continue to languish in red, albeit off the day's low.

The Sensex opened at the day's high of 17,981 but slippedalmost immediately to a low of 17,913 on weak cues from Asian markets. The index has managed to recovered marginally and is trading at 17,951 - down 41 points.

Nifty is down 12 points at 5,396.

BSE consumer durables index has managed to gain 1% at 5,352 in early trades. However, IT and FMCG stocks continue to trade soft.

Hero Honda has shed 2.6% at Rs 1,820 following a 1.6% dip in Q1 net at Rs 492 cr. The company's profits were below expectations as high raw material costs and other expenses impacted earnings.

Tata Motors has dropped 1.2% to Rs 855. IT stocks are in red. Wipro has slipped 1.4% to Rs 411. Infosys and TCS have declined 1% each to Rs 2,803 and Rs 842, respectively.

ONGC has dropped 1% in morning trades on weak Q1 numbers. The company announced a 24.5% decline in its net profit at Rs 3,661 crore for the quarter ended June 30, as its fuel subsidy payout jumped nearly 12-folds.

Sterlite, ITC, DLF and HDFC are some of the other losers in the market today.

Meanwhile, Mahindra & Mahindra has gained 1.6% at Rs 654.

Market heavyweight, Reliance, is up almost 1% at Rs 1,019.

SBI, Reliance Communications and Maruti Suzuki have added 0.6% each.

BSE market breadth is fairly positive. Out of 2,369 stocks traded, 1,389 have advanced while 891 have declined.