Metals drag markets lower

Markets have extended losses on metal stocks. The Sensex dropped to a low of 16,16827- down 116 points from the day's high of 16,943. The index is now down 98 points at 16,846.

The Nifty is down 31 points at 5,055.

The BSE mid and small-cap space has managed to hold on to some gains. The indices have added 0.2% and 0.6% respectively.

BSE metal index has dropped 1.2%, followed by capital goods, realty and bankex. However, the healthcare index has jumped 1% to 5543.

Sterlite has continued to drop 2.3% to Rs 647. Hindalco has slipped 2.2%to Rs 147. Tata Steel is down 1.2% at rs 494. Jindal Steel has declined 1% to Rs 645.

ICICI Bank has dropped 1.6% to Rs 852. HDFC is down 1.3% to Rs 2,749.

Larsen & Toubro, BHEL, HDFC Bank and Reliance Communications have dropped 1% each.

Market heavyweight, Reliance, has dropped 1% to Rs 1,034.

Meanwhile, Cipla has gained 1.3% to Rs 323.

TCS and Reliance Infrastructure have added 1% each to Rs 751 and Rs 1,076, respectively.

The fertiliser space has shown some movements this morning. NFL has jumped 3.5% to Rs 113. Nagarjuna Fertilisers has added 1.5% to Rs 30. Chambal Fertilisers is up 2.5% at Rs 60.

BSE market breadth is positive. Out of 2,286 stocks traded, 1,319 have advanced while 886 have declined.