Markets remain in red, Sensex down 70pts

The markets continue to witness erratic movements in late-morning trades as investors roll-over their positions from the September series to the October series, ahead of the September expiry.  The BSE Sensex is at 16,379, down 68 points and the S&P CNX Nifty is at 4,926, down 20 points. After opening at 16,388, the BSE benchmark index had touched a low 16,317 and a high of 16,395.

Among the sectoral indices, BSE Consumer Durables, Capital Goods and Metal indices are leading the losses, having shed nearly 2% each.

Gitanjali Gems, Titan Industries, Videocon Industries and VIP Industries, 2-4% each, are the major losers among the Consumer Durables' stocks.

Thermax, Larsen & Toubro, ABB, Havells India and Alstom Projects, down 2-4% each, are the major losers from the Capital Goods' space.

On the Sensex JP Associates had moved up 2.4% at Rs 72. Other prominent gainers include HDFC Bank, HDFC, Bajaj Auto and Infosys, up 1-2% each. On the other hand, Larse & Toubro, DLF, SBI, Coal India and Sterlite Industries, down 2-3% each, are the major losers among the Sensex 30 stocks.

Among individual stocks, Kingfisher has slipped nearly 4% in trades after announcing that it would get out of low-cost segment, Kingfisher Red.

Sterling Holiday Resorts has frozen at its 10% upper circuit at Rs 103 after billionaire Rakesh Jhunjhunwala and investor Radhakrishna Damani acquired a little over 14% stake in the company.

The overall market breadth is negative as 1,421 stocks have declined against 817 advancing ones, on the BSE.