Markets near day lows

Hindalco top Sensex loser, down 2%

Markets have extended the losses amid volatility and have reached near day lows. By 1430, the Sensex slipped 64 points at 17,439, and the Nifty down 25 points at 5,308 levels. The Sensex and the Nifty reached an intra-day low of 17,417 levels and 5,277 mark, respectively

On the global front, Japan's Nikkei index fell on Friday to post its third straight weekly loss after a Spanish bond auction failed to extinguish fears of a renewed euro zone debt crisis, but a weaker yen offered support.

The Nikkei closed 0.3% lower at 9,561.36, below its 13-week moving average near 9,575, and was down 0.8% this week.

European markets are trading marginally weak with CAC, DAX and FTSE dipping between 0.1-0.3%.

Back home, index heavyweight Reliance Industries has declined by nearly 1% ahead of earnings.

Capital Goods shares like BHEL and L&T have slipped by almost 2% each.  

From the metal pack, Hindalco is the top Sensex loser, down 2% while Tata Steel has gained by over 1%.

Banking stocks like ICICI Bank, SBI, HDFC Bank and HDFC have slipped between -.1-1.5%.

Auto shares like Mahindra & Mahindra and Maruti Suzuki have retained buyers' interest, rising 1-3%. M&M has moved higher by 3% at on reports that the government approved the foreign direct investment (FDI) proposal worth of Rs 25.99 crore for company’s radar systems. However, Tata Motors and Bajaj Auto have slipped by over 0.5%.

Software shares like Infosys and Wipro have moved up 0.7% each.

Cement stocks like Ambuja Cements and ACC are down nearly 2% post quarterly earnings.

The broader indices too are witnessing some selling pressure – BSE Midcap and Smallcap indices down between 0.03-0.6%.

The market breadth in BSE turns unhealthy with 1429 shares declining and 1239 shares advancing.