Sensex drops 55pts

The market has falled sharply in late noon trades as most of the counters have tumbled owing to steep correction. The Sensex, as a result, has declined 55 points to 6,799. The Nifty is down seven points at 2,147.

Reliance has dropped 1.56% (Rs 9) to Rs 578. While HLL has shed 3.70% (Rs 5) to Rs 138, ITC is down Rs 6 at Rs 1,339.

ONGC is down a rupee at Rs 910.

SBI has lost a per cent (Rs 5) to Rs 732. ICICI Bank has slipped by 2.18% (Rs 8) to Rs 382, while HDFC Bank is down a per cent (Rs 6) at Rs 603.

Wipro and Satyam are down a per cent each at Rs 692 (down Rs 5) and Rs 412 (down Rs 4), respectively.

Hero Honda is trading higher with a gain of 1.81% (Rs 10) at Rs 575, and Tata Motors is up a rupee at Rs 463. Other auto majors, however, are trading at lower levels.

Tata Power (down Rs 6 to Rs 387) and Tisco (down Rs 3 to Rs 438) are also exhibting weakness. Hindalco, however, has gained a per cent (Rs 14) to Rs 1,440.