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Markets lose ground
January, 12th 2010

The markets are trading in the negative in afternoon trades, despite the positive IIP numbers and better-than expected results from IT bellwether, Infosys. The Sensex is quoting at 17489, weaker by 37 points and the Nifty is at 5234, down 14 points.

Realty, metal and banking sectors are dragging the indices.

Among the realty stocks, DLF is down more than 3% at Rs 387 and Reliance Infra has shed in excess of 2% at Rs 1134 on the NSE.

In the metals pack, Sterlite has weakened more than 3% at Rs 872 to emerge as the top loser on the Nifty. And Tata Steel has lost more than 2% at Rs 635.

SBI (weaker by 2.3% at Rs 2213) and ICICI Bank (down 2% at Rs 851) are the major losers in the banking space.

On the other hand, the IT stocks have sustained their gains. Wipro has surged 5% to Rs 696. TCS has gained 4.6% at Rs 747 and HCL Tech has added 4.2% at Rs 370. Infosys has rallied 3.6% to Rs 2580.

And market heavyweight, Reliance, has added 1% to Rs 1,092.

The market breadth has turned weak. There are 564 advancing stocks as against 714 declines.

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