Markets continue to move down

Markets continued to slide lower on political uncertainties and global cues.

The Sensex was down 332 points at 18,154. Nifty was down 101 points at 5,437.

BSE mid and small-cap indices declined in-line with the benchmark. BSE mid-cap index dropped 1.6% to 6,481 while small-cap index slipped 1.6% to 7,865.

Asian markets were in red as crude prices continued to rise. Fears that the Libyan crisis may spread to neighbouring countries spooked investors worldwide. The Hang Seng dropped 76 points to 23.336. Nikkei shed 1.8% to 10,499. Seoul Composite and Taiwan Weighted were down 1% each to 1,979 and 8,714.

Nationally, the DMK's decision to pull out support from the UPA government may effect the ruling coalition negatively, with the Congress already facing corruption charges.

Among sectoral indices capital goods, realty and auto stocks were down.

Heavyweights were the major draggers in the market. Reliance shed 1.5% to Rs 967. Larsen & Toubro, SBI and ICICI Bank contributed to almost 80 points of the fall.

Tata Motors shed 4% at Rs 1,125. Maruti Suzuki dropped 2.7% to Rs 1,277.

Reliance Communications, Jaiprakash Associates, TCS, BHEL and Jindal Steel were down 2-3% each. Other losers included Tata Steel, HDFC Bank, Reliance Infra and ONGC.

However, Cipla and Hero Honda managed to claw back into the green with marginal gains.