Sensex down 16pts; Dr.Reddy's drops 3%

The Sensex is now down 16 points 12,350.

SBI has surged 3.5% to Rs 1,034. HDFC and ICICI Bank have rallied 3% each to Rs 1,490 and Rs 708, respectively.

Ranbaxy and HDFC Bank have advanced over 2% each to Rs 431 and Rs 917, respectively. Cipla has spurted 1% to Rs 268.

Dr.Reddy's has shed 2.7% to Rs 718. Maruti and TCS have slipped 2% each to Rs 945 and Rs 1,023, respectively.

Reliance Communications has dropped 1.5% to Rs 341. Bharti, Grasim and Satyam have declined 1.3% each to Rs 470, Rs 2,464 and Rs 821, respectively.

ITC is down 1% at Rs 184.

Out of 2,526 stocks traded so far, 1,314 have advanced, 1,146 have declined and the rest are unchanged.