Markets weak in opening trades

Markets have slipped into red this morning on weak cues from global markets. The Sensex opened down at 17,679.

The index therafter dropped to a low of 17,528 and is now down 161 points at 17,540.

US markets tumbled on conflicting economic data. The Dow Jones industrial average dropped 1% to 9,774.02. The Standard & Poor's 500 Index slid 1% to 1,030.71. The Nasdaq Composite Index fell 1.2% to 2,109.24.

The Asian markets have opened soft, taking a cue from their US counterparts. The Hang Seng is quoting at 20,128, weaker by 119 points or 0.5% and Nikkei is at 9,200, lower by  182 points or 1.9% in early trades.

All the sectoral indices are in red. BSE metal and IT indices have slipped 1% each to 14,534 and 5,266, respectively.

Sterlite has dropped 2% to Rs 166. Hindalco and Tata Steel have declined 1.5% each to Rs 142 and Rs 480, respectively.

ICICI Bank has shed 1.6% at Rs 848. Reliance Communications has moved down 1.4% to Rs 195.

Reliance Infrastructure, DLF and Jaiprakash Associates have dropped over 1% each to Rs 1,187, Rs 285 and Rs 127, respectively.

Wipro, ITC, Infosys and TCS are the other major losers in the index this morning.