Sensex slips below 17,000

Hero MotoCorp is the top Sensex loser

Markets have extended losses in the noon deals on the back of persistent selling visible across the board. The Sensex has slipped below the 17,000 levels down 213 points at 16,938 and the Nifty is down 73 points at 5,115 levels.
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(Updated at 1120 hours)



Markets continued to move sideways with the Sensex dropping 93 points at 17,058. Nifty is down 35 points at 5,153.

Meanwhile, the BSE mid-cap index has underperformed the benchmark index and dropped 1% to 6,169.

From the mid-cap space, IRB infra has dropped 5% to Rs 142. Pantaloon Retail, GVK Power, Jain Irrigation and Educomp Solutions have shed 3-4% each. Among othr losers are United Phosphorus and MRF.

Shares of the Multi Commodity Exchange of India Ltd (MCX), are trading 3% lower at Rs 1,024, falling below its issue price of Rs 1,032.

However, Core Projects, CESC, HT Media and Bharat Forget have advanced 2-3% in trades.
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(Updated at 0938 hrs)

Markets have extended yesterday’s losses and have started the trading session on a lower note tracking weak global cues. At 9:40, the Sensex was down 69 points at 17,082 levels whereas the Nifty declined 22 points at 5,166 levels.

On the global front, US services sector raised concerns about the economic recovery a day before a highly anticipated labour market report for April.

The Dow Jones industrial average closed down 0.5%at 13,207. The Standard & Poor's 500 Index fell 0.8 %at 1,392.

Asian shares fell for a second successive day on Friday as another batch of lacklustre US data stoked concerns that the recovery in the world's biggest economy is faltering.

The euro was steady after a bumpy session on Thursday, when European Central Bank chief Mario Draghi gave a more upbeat assessment of the region's battered economy, reducing hopes of further monetary stimulus measures in the pipeline.

Back home, the Nifty is likely to face resistance around 5,200-5,210, while it can seek support around 5,175-5,165, technical analysts say.

On the sectoral front, Realty, Banks, Auto, Capital Goods, Power and Metal are witnessing selling pressure, all declining by almost 1% each. However, BSE FMCF index has gained by nearly 1% each.

From the banking space, SBI, ICICI Bank, HDFC Bank and HDFC have declined between 0.1-2%.

Among Auto segment, Hero MotoCorp has extended the losses and is the top Sensex loser, down 3%. Bajaj Auto, M&M and Maruti Suzuki have slipped between 1-2%.

Capital Goods majors L&T and BHEL have plummeted between 1-3%.

Index heavyweight RIL has dipped by nearly 1% on reports that the oil ministry has slapped a notice of $1.2 billion, or Rs 7,000 crore, on the company for a sharp fall in gas output from its D6 field in the KG basin.

Other notable losers include DLF, Tata Steel, Sterlite and Bharti Airtel.

On the gaining side, Cipla is trading higher by 3% at Rs 326 after the company slashed the price of its generic version of Bayer's cancer drug Nexavar by 75%, which will now be available at Rs 6,840 for a month's supply, down from Rs 28,000 earlier.

BSE market breadth is positive with 924 gainers and 790 losers.