Sensex, Nifty slip further

The market is trading with a negative bias on the back of weakness in select private sector banking majors and select index heavyweights. The BSE Sensex has shed 144 points at 28,361, and the NSE Nifty has dropped 49 points to 8,585. The India VIX (Volatility) index is up nearly 3 per cent at 15.57. The broader market is trading on a flat note - the CNX Nifty Junior, Midcap and Smallcap indices are more or less unchanged. The breadth is now neutral - with an equal number (735) stocks on the advancing and declining side on the NSE. Among sectors - the CNX Media index has shed 1.5 per cent at 2,394. The Pharma index has slipped a per cent to 12,257, and the Bank Nifty is down 0.7 per cent at 18,858. Cairn India continues to trade on a buoyant note at Rs. 178 - up 6.6 per cent. Tata Motors has surged nearly 3 per cent to Rs. 401. Dr.Reddy's has gained 2 per cent at Rs. 3,924. Punjab National Bank, Mahindra & Mahindra and Maruti are the other major gainers. On the flip side, Lupin has crashed 5.5 per cent to Rs. 1,726. Bajaj Auto has tumbled 4.7 per cent to Rs. 2,496. Zee Entertainment, Hindustan Unilever, Bharti Airtel, HCL Technologies and Tata Power are the other major losers, according to a news agency.