Markets remain flat

The Sensex is now at 16,262, down 27 points. The NSE Nifty is at 4,853, down two points. Meanwhile the European markets have opened on a positive note. FTSE is up 37 points.
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(Updated at 1317hrs)

The Sensex has slipped into the negative zone to a low of 16,182, down 343 points from the day's high,  following a spike in food inflation to 17.40% for the week ended January 16. The index is now at 16,262, down 26 points. The NSE Nifty is at 4,852, down two points. 

Larsen & Toubro is the top loser on the Sensex, down 3% at Rs 1,418. It is followed by ITC, Jaiprakash Associates and Tata Power, declined around 2.5% each at Rs 249, Rs 134 and Rs 1,281, respectively.

ONGC, Bharti Airtel, Hindalco, TCS and ACC are down 1.5% each.

Tata Steel and DLF on the other hand have advanced 2% each to Rs 568 and Rs 322, respectively. The other major gainers are NTPC, SBI and HDFC, up 1% each.

The market breadth has turned negative, out of 2,793 shares traded, 1,684 have declined and 1,033 have advanced so far on the BSE.

Among the sectoral indices, FMCG and consumer durables indices are down 1% each at 2,749 and 3,735, respectively.