Markets continue to trade soft

Markets continue to trade in a lacklustre fashion this morning. The Sensex, earlier in the day, had opened soft at 17,868 following global cues. The index, thereafter, dropped to a low of 17,780 and is now down 80 points at 17,796.

The Nifty is down 21 points at 5,332.

Markets overseas fell as the excitement over China's decision to revise yuan's conversion rates, faded. Indian bourses dropped with metal and realty shares dragging.

the BSE metal idnex is down 1.5% at 15,337. Auto, power, bankex are down as well.

Sterlite continues to be weak and is now down 2.5% at Rs 179. Hindalco has dropped 1.8% to Rs 151. Steel stocks- Jindal Steel and Tata Steel are down 1.4% each at Rs 676 and Rs 497, respectively.

Tata Motors has shed 1.6% at Rs 793.

IT stocks are down. TCS, Wipro and Infosys have dropped 1% each to Rs 778, Rs 410 and Rs 2,775, respectively.

Larsen & Toubro has slipped 1% at Rs 1818. BHEL, ACC< SBI and NTPC are the other losers this morning.

Meanwhile, Reliance Communications has gained 1% at Rs 189. Hindustan Unilever and ITC have held on to gains and are up 1% each at Rs 261 and Rs 301, respectively.

The BSE market breadth is neutral. Out of 2,346 stocks traded, 1,123 have advanced while 1,116 have declined.