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Markets trading dismal, bankex down 2%
December, 28th 2011

Markets have extended their losses amidst volatility with the Sensex and the Nifty declining by nearly 0.5% each. Weak Asian markets and dismal performance of sectors like banks, metals, capital goods and realty have weighed over the markets.

By 1115 hrs, the Sensex was down 121 points at 15,752 and the Nifty fell 47 points to 4,709.

Among the Asian markets, Shanghai Composite, Kospi and Hang Seng have fallen nearly 1% each. tanked 1%. Nikkei, Straits Times and Taiwan are marginally lower.

Back home, bank, realty and metal segments are leading the downslide, all the indices dropping by nearly 2% each.

Index heavyweights Reliance Industries and ONGC have dropped 1% each.

Capital goods majors like L&T and BHEL have slipped by almost 1% each.

In the metal space, Jindal Steel, Sterlite, Hindalco and Tata Sttel have fallen between 1-4%. Jindal Steel is the top Sensex losers, down 4%.

Amongst banks, ICICI Bank and SBI have plunged by almost 2%. HDFC Bank is down 1%.

ITC and HUL from FMCG space are down over 0.5% each.

However, Tata Power has rallied 2% post the company signed share purchase agreement for buying 51% stake in Tata BP solar from BP Alternative Energy Holdings. Post this transaction, Tata Power will hold 100% stake in the company.

NTPC, Hero MotoCorp and Infsys are trading marginally positive.

In the broader market, the mid-cap and small-cap indices maintain the weak trend. Both the indices are down between 0.4-1%.

GTL Group shares - GTL and GTL Infrastructure -- have rallied on the bourses after the two companies said that their board will meet on December 29 to consider corporate debt restructuring.

Adani Power has touched a new low as the company has put capacity expansion plan on hold.

The overall markets breadth remains downbeat.

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