Slump continues, Sensex down 48 pts

The market is under the grip of a strong bear hug as most of the counters are trading with steep losses due to sustained selling pressure.

The Sensex, which slumped to a low of 7,276, is now down 48 points at 7,295. The Nifty, too, has edged lower by 13 points to 2,229.

ITC has dropped 2.15% (Rs 36) to Rs 1,636. While HLL is down 1.31% (Rs 2) at Rs 158, ONGC is subdued at Rs 916 - down Rs 4.

While Reliance Energy has shed 1.67% (Rs 11) to Rs 636, Reliance Industries is trading weaker at Rs 676 - down Rs 3.

TCS has tumbled 1.72% (Rs 22) to Rs 1,285. Infosys and Wipro have lost a per cent each to Rs 2,210 (down Rs 23) and Rs 709 (down Rs 7), respectively. Satyam, however, is trading in the green at Rs 508 - up Rs 4.

SBI has slumped 2.25% (Rs 16) to Rs 708. Other banking scrips, too, are displaying weak trends.

Bajaj has declined 1.39% (Rs 19) to Rs 1,378, and Hero Honda has lost 1.38% (Rs 8) to Rs 606. Tata Motors has shed 2.37% (Rs 11) to Rs 459.

L&T has tanked 3.72% (Rs 48) to Rs 1,248, while HDFC is holding firm with a gain of 2% (Rs 18) at Rs 898.