Markets extend losses

Markets have extended losses amid mixed cues from the European markets.

The Nifty has slipped 24 points at 5385, and the Sensex is down 71 points at 17,921.

European markets are trading flat taking weak cues from Asia. The FTSE is down 0.03% at 5,295 and DAX is down 0.04% at 6,111 and CAC is trading flat ahead Of US GDP data which will out later today.

Midcap and smallcap indices continue to outperform the benchmark Sensex, both up 0.8% each.

Oil marketing companies are down marginally. HPCL down  by 0.7% to Rs 430 and BPCL by 0.6% to Rs 635. There reports that Goldman has downgraded them.
 
Profit taking is visible in PSU stocks as they aree trading flat after Yesterday's rally. MMTC which was up 28% yesterday is down 2.7% at Rs 1790. Also Gail is trading down over 2% at Rs 443. Engineers India is trading down 1.1% although the follow-on public issue was oversubscribed by 1.6 times

Heavyweights such as Infosys and ICICI Bank both down 1% each. Bharti Airtel down 1.8% at Rs 311. Cumulitaveily, these stocks have netted losses of 45 points for the Sensex.

Consumer Durbales is the leading sectoral indices is up 0.5% at 5,328 led by gains in Gitanjali Gems which is up 6.6% at Rs 166 and Whirpool is up 1.2% at Rs 280

Markets breadth is in favour of the advances, 1,260 stocks have declined as against 1,537 advancing stocks.