Markets slump on weak global cues

The key benchmark indices have extended their losses in noon trade on the back of a depressing set of cues from the global market front. After opening below the psychological mark of 18k, the Sensex is languishing at 17,818, down 193 points and the Nifty is at 5334, down 60 points. The Nifty is at its lowest level in more than 12 weeks, while the Sensex is at 9-week lows. All the sectoral indices on the BSE are in the red, with the exception of the consumer durables space.
 
Asian stocks are in the dumps on continued worries about the euro zone debt crisis. The key benchmark indices in Hong Kong, Japan and China are down in the region of about a percent each. And the European markets have also opened on a nervous note, with the FTSE, CAC and DAX losing about half a percent each.

The markets are likely to be volatilile as traders roll over positions into the June series ahead of the expiry on Thursday.

Realty major DLF slumped 3.3% at Rs 211 to be the top loser from the Sensex pack as its consolidated net profit fell 19.19% to Rs 344.54 crore on 34.53% rise in sales and other receipts to Rs 2683.09 crore in Q4 March 2011 over Q4 March 2011. The result was announced after trading hours on Tuesday. The IT index has shaved off around 2% to emerge as the top sectoral loser on the BSE; Infosys has shed 2.6% at Rs 277 and TCS has lost 2.5% at Rs 1121. And Tata Steel has fallen by 0.9% at Rs 561 ahead of its Q4 results.

On the other hand, Jindal Steel gained 1.4% at Rs 636 and Tata Motors added 0.4% at Rs 1127.

Of the 2,699 stocks traded on the BSE so far, 954 have advanced, while 1,617 have declined, indicating a negative market breadth.