Sensex slips below 17,000 on weak global cues; banks dip

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At 14:06 hours IST - the Sensex breached the 17,000 mark while the Nifty tested the 5,050 level on the downside on the back of further decline in European markets, which lost 1.5-2%. The US index futures slipped nearly 1%. Banking, technology, capital goods, realty, power, select metal and auto stocks along with heavyweight Reliance Industries were seeing selling pressure. However, telecom and cement stocks along with Hero Honda, Hindalco, Sterlite and HUL were witnessing buying interest.

The Nifty lost 71 points to 5,038 and the Sensex declined 220 points to 16,977. The broader indices were down 0.7-1%, as about 346 shares advanced while 909 shares declined on the NSE.

ICICI Bank shot up 3.34% and SBI was up 2.62% in the banking space. Bank of Baroda, HDFC Bank and PNB fell 2% each. Kotak Mahindra and Axis Bank were down 0.5-0.8%.

In the realty space, Indiabulls Real, DLF and Unitech slipped 1-2.5%.

GVK Power, Power Grid Corp, NTPC, GMR Infra, Neyveli Lignite, Lanco Infratech and Reliance Infrastructure declined 1-2.8%. Reliance Power and Tata Power were down 0.5-0.8%.

In the capital goods space, L&T, BHEL, Siemens, ABB and Punj Lloyd went down 0.5-1.5%.

Reliance Industries slipped 1.90% in the oil & gas space. GAIL, BPCL, HPCL, Cairn India, IOC and ONGC were down 0.4-1.5%.

Tata Steel tumbled 4.06% in the metal space. Jindal Steel, SAIL, JSW Steel and Sesa Goa were down 1-2.5%. Sterlite Industries was down 0.38%.

HCL Tech, Tech Mahindra, Infosys, TCS and Wipro were down 0.8-1.5%.

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