Sensex sheds 44 pts, ITC soars 8%

The markets, which came off-lows in late morning deals, has slipped deep into the red following fresh selling in old and new economy stocks. Although select counters have attracted buying support, the undertone of the market remains bearish.

The Sensex has lost 44 points to 6,129. The Nifty has scaled down 22 points to 1,905.

ITC has zoomed 8.63% (Rs 107) to Rs 1,348, and HLL is up a tad at Rs 142. Reliance, however, is still trading weaker at Rs 509 - down Rs 4.

Tech, banking and cement stocks have scaled down on fresh selling pressure. Wipro has dropped 2.53% (Rs 17) to Rs 669. While Satyam has slipped nearly 2% to Rs 352. Infosys (down Rs 8 to Rs 1,948) has come off its lows.

SBI has shed 1.44% (Rs 8) to Rs 573. While ICICI Bank has lost 1.84% (Rs 6) to Rs 344, HDFC Bank is down 1.10% at Rs 513.

ACC, on buyback reports, has slumped 5.54% (Rs 20) to Rs 345. While Gujarat Ambuja has declined 2.32% (Rs 10) to Rs 435, Grasim has slipped 1.27% (Rs 16) to Rs 1,267.

Bharti has plunged 6.54% (Rs 14) to Rs 198 on sustained selling pressure. While BHEL has dropped 2.57% (Rs 18) to Rs 676, HDFC is down nearly 2% (Rs 14) at Rs 761.

Hindalco has shed 1.75% (Rs 22) to Rs 1,250, and Tata Power has crumbled nearly 3% (Rs 11) to Rs 358. Zee is down 2.18% at Rs 150.

ONGC is up Rs 3 at Rs 773.