Markets drift lower in morning trades

Markets have drifted lower on weak cues from Asian markets. Realty and banking stocks have led the decline this morning.

The Sensex opened flat and then started declining, mirroring movements in Shanghai Composite and Hang Seng. The index touched a low of 17,642 - down 132 points. It is now down 113 points at 17,660.

The Nifty is down 38 points at 5,296.

HDFC has dropped 1.5% to Rs 2,916. ICICI Bank has slipped 1.3% to Rs 857. HDFC Bank is down 1% at Rs 1,930. SBI is flat at Rs 2,295.

ONGC, after yesterday's smart gain, is down 1.2% at Rs 1,288.

Market heavyweight, Reliance has dropped 1% to Rs 1,078.

Metal and IT stocks - Hindalco, Tata Steel, TCS and Infosys have shed nearly 1% each.

Meanwhile, DLF has gained 1.5% at Rs 296. Sterlite and Tata Power has added 0.5% each.

BSE market breadth is positive. Out of 2,429 stocks traded, 1,354 have advanced while 995 have declined.