Markets slump on Asian cues

Markets have slumped in morning trades, mirroring movements in Asian markets.

The Sensex has dropped to a low of 17,584. The index has recovered partially and is now down 128 points at 17,603.

Nifty is down 41 points at 5,279.

Most of the sectoral indices are in the red. BSE bankex is down 1% at 10,864, followed by IT, metal and realty. The healthcare index, however, has jumped 1% to 5,806.

Sterlite has shed 2.2% at Rs 170. Jindal Steel has dropped 2% to Rs 645. Tata Steel has declined 1% to Rs 492. Hindalco is down 1% at Rs 149.

HDFC Bank has dropped 1.7% to Rs 1,966. Other banking stocks also fell on fears of a rate hike.

Hindustan Unilever and Wipro have slipped 1.5% each to Rs 1,266 and Rs 396, respectively. TCS and Infosys are down over 1% each at Rs 763 and Rs 2785, respectively.

ICICI Bank, HDFC, DLF, SBI, Mahindra & Mahindra and Tata Motors are down over 1% each.

Reliance is marginally down at Rs 1,046.

However, Cipla has jumped 2.5% to Rs 349. Reliance Communications has gained 2% at Rs 192.

Reliance Infrastructure, NTPC and Maruti are up marginally in morning trades.