Sensex down 54pts; M&M slips 3%

The Sensex has slipped again into the negative zone and is now down 54 points at 16,576.

The NSE Nifty is down 29 points at 4,828.

ICICI Bank and Reliance have surged 2.5% each to Rs 1,062 and Rs 2,330, respectively.

Ranbaxy has advanced over 1% to Rs 370.

TCS has slumped 4.3% to Rs 864. Mahindra & Mahindra has tumbled 3.5% to Rs 576.

ACC, Reliance Energy and Reliance Communications have shed around 2.5% each at Rs 718, Rs 1,541 and Rs 576, respectively.

Tata Steel, Hindustan Unilever and Bajaj Auto have slipped around 2% each to Rs 710, Rs 192 and Rs 2,075, respectively.

Out of 2,690 stocks traded so far, 2,235 have declined, 422 have advanced and 33 are unchanged.