Markets remain weak

Markets continued to trade with the negative bias in the noon deals on back of selling pressure being witnessed across sectors.

The BSE benchmark indices- Sensex slipped 176 points to 20,008 and S&P CNX Nifty was at 5992 lower by 56 points.

Hindalco Industries was the top loser on the Sensex, the stock shed more than 4% and was trading at Rs 239. Mahindra & Mahindra, Tata Motors, Tata Steel, HDFC Bank, Bharti Airtel and Jindal Steel were the top losers, down more than 1.4% each. On the other hand Reliance Communication, ICICI Bank, Cipla, Reliance Infrastrucyure and Sterlite Industries were some notable gainers.

All the sectoral indices were trading in the negative zone, with Auto index being the top loser, the index was trading lower by  more than 2% or 216 points at 9590 followed by metal index, down 350 ponts or 2% at 17,303. Consumer Durables, oil & gas, teck, IT, PSU, capital goods and FMCG indices were also trading lower by more than 0.5% each.

Ashok Leyland, Mahindra & Mahindra, Exide Industries, Tata Motors and Cummins India were among the top losers among the auto stocks down more than 2% each. Among the metal stocks, Hindalco Industries
was the top loser the stock shed more than 4.5% and was trading at Rs 238 followed by NMDC, JSW Steel, SAIL, Sesa Goa, Bhushan Steel, Tata Steel and NALCO.

The broader markets continued to underperform, the BSE mid-cap index was down more than 1.2% or 94 points at 1567 and the small-cap index was lower by 123 points or 1.2% at 9516.

The overall market breadth was extremely negative as 1936 stocks declined while 806 stocks advanced.