Markets slip to day's low

Markets have slumped lower in late-morning trades. The Sensex has dropped to a low of 20,871  - down 134 points from the previous close. The index had touched a high of 21,075 earlier in the day.

Nifty is down 36 points at 6,277.

BSE Realty index has shed 1%, followed by IT, PSU and oil stocks.

BSE market breadth is negative. Out of 2,814 stocks traded, 1,546 have declined while 1,182 have advanced.
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(Updated at 1022 hrs)

Markets have slipped into the red on a early bout of profit booking, following last week's good run.

The Sensex is trading below the psychological 21,000 mark after closing at an all-time high of 21,005 on Diwali day. This morning the index opened at 21,051 on positive cues from global markets. However, investors started to book profits, taking the Sensex into red. The index touched a low of 20,867 - down 209 points from the day's high.

The BSE benchmark is now down 82 points at 20,922.

The Nifty is down 23 points at 6,289.

The Nikkei has jumped over 1% to 9,723 this morning on cues from US. The US jobs data was better than what had been expected. The Federal Reserve's QE2 decision also buoyed sentiments.

US President, Barack Obama, during his India visit this weekend announced deals worth $15 billion, which would create over 53,000 jobs.

The FPO of state-run Power Grid Corporation opens for bidding on Tuesday. The price-band of Rs 85-90 per share has not gone down well with the market and the stock has dipped 3% to Rs 99. On the other hand, Reliance Power has jumped 4% to Rs 172 after securing funding worth $5 billion from US Exim Bank.

Indian Oil Corporation is also looking at selling of shares in the coming months.

BSE metal index has gained 0.7% at 17,686 on a rise the London Metal Echange. Sterlite has jumped 3% to Rs 187. Hindalco has surged2% to Rs 237. Tata Steel and Jindal Steel are marginally in green.

However, the bankex is down 1%, followed by capital goods and PSU indices.

ACC is the top gainer among Sensex stocks and has rallied over 3% to Rs 1,126. FMCG stocks - Hindustan Unilever and ITC are up around 1% each.

Tata Motors, Bharti Airtel and Reliance Infrastructure are among the other gainers this morning.

However, the number of stocks on the loosing side are greater. Reliance Communications has dropped 1.6% to Rs 179.

SBI had shed 1.5% to Rs 3,439 ahead of its quarterly results announcement.

Larsen & Toubro, Hero Honda, HDFC Bank, ICICI Bank and DLF ae trading in red. Market heavyweight Reliance has slipped marginally in trades.

IT stocks are down. Wipro and Infosys have slipped over 1% each to Rs 433 and Rs 3,048, respectively. TCS is down 0.7% at Rs 1,069.