Markets remain in red, Sensex down 60pts

The markets remained weak in the afternoon deals after hitting the day's low of 17,001 in early noon deals. The BSE Sensex is at 17,042, down 58 points, and the S&P CNX Nifty is at 5,121, down 20 points. The sentiment continues to remain bearish, as the European markets trade in the negative terrian.

In Europe, shares fell on Wednesday after strong gains in the previous day, with investors taking some money off the table ahead of the US Federal Reserve's monetary policy meeting. The meeting is exected to reveal further steps to stimulate the flagging US economic rocovery.  The CAC 40 and FTSE 100 have a shed a per cent each while the DAX index has shed nearly 2%.

Back home, the broader markets, however, are performing comparatively firm with the BSE mid-cap index at 6,461 and the small-cap index at 7,333, up 0.5% each.

Among the sectoral indices, BSE Oil & Gas, Auto and IT indices are leading the losses, having declined nearly a per cent each.

BSE Bankex is the top gainer among the indices, having gained nearly a per cent.

Reliance Industries, TCS and HDFC, together, have accounted for a loss of 50-odd points to the Sensex.

JP Associates has moved up 2% at Rs 384 and is the top gainer among the Sensex 30 stocks. Other prominent gainers include ICICI Bank, Coal India, NTPC and SBI, up 1-2% each. Coal India gained during the day on reports that the environment ministry has agreed to discuss coal projects on a case-by-case basis. Meawhile, it has also announced plans to again try to interest major firms, here and abroad, into reviving some of its abandoned mines.

On the other hand, Hindalco Industries, Hero MotoCorp, Maruti Suzuki, Reliance Industries and TCS, down 2-3% each, are the top losers from the pack. Maruti Suzuki continues to lose out even as the stand-off between protesting workers and the management at Maruti Suzuki India Limited’s (MSIL's) Manesar facility in Haryana, continues.

The overall market breadth is positive as 1,482 stocks have advanced against 1,250 declining ones on the BSE.