Markets off day's low

The Sensex has erased some of its losses and is now at 16,205, down 51 points. The NSE Nifty is at 4,845, down 13 points.
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(Updated at 1126hrs)

The markets have slipped further and the Sensex is now at 16,172, down 83 points. The NSE Nifty is at 4,837, down 21 points. According to the economic survey report , the economy is likely to grow by upto 8.75% in 2010-11 and a 9% growth in 2011-12.

Larsen & Toubro and Mahindra & Mahindra have advanced around 1% each to Rs 1,517 and Rs 277, respectively.

Mahindra & Mahindra, Infosys, HDFC and Wipro are up 0.5% each.

Tata Motors and Hindustan Unilever have slipped 2.5% each to Rs 669 and Rs 236, respectively.

Sterlite, Sun Pharma, Hero Honda, Reliance Communications and Jaiprakash Associates are down over 1% each.

The market breadth is neutral, out of 2,529 shares traded, 1,212 have declined and 1,208 have advanced so far on the BSE.

Among the sectoral indices, FMCG, auto and oil&gas indices are weak, down 0.5% each.