The markets have drifted lower in the mid-morning session. The Sensex is quoting at 17919, lower by 51 points and the Nifty is at 5360, down 14 points. As has been the case in the recent past, the broader markets are again outperforming the benchmark indices. The mid-cap index has added 0.5% at 7084 and the small-cap space is richer by 0.9% at Rs 9068.
The opening was soft, given the weakness in the US and on the Asian front, and in continuation of the profit-booking that emerged after the Sensex breached the 18k mark on the previous day. And the indices have been languishing below the dotted line thereafter.
The US markets had slipped overnight, with the Dow closing weaker by 72 points, Nasdaq shedding five points and S&P losing six points. And the Asian markets were mixed, albeit with a weak bias, in early trades. Nikkei had shaved off 88 points and Straits Times was poorer by 22 points.
Sterlite has weakened by 1.1% at Rs 861 on the BSE. Tata Motors has shed 1.1% at Rs 784 and HDFC has lost 1% at Rs 2774. HDFC Bank, BHEL and Bharti are the other significant losers. And index heavyweight, RIL is trading marginally lower at Rs 1126.
On the gainer's side, DLF has strengthened by 1.4% at Rs 336, M&M has raced ahead by 1.3% at Rs 537 and Reliance Infra has added 1.1% at Rs 1119.
The market breadth is strong though. Out of 2458 stocks traded on the BSE, there are 1492 advancing stocks as against 889 declines.