Global cues, IIP data spooks markets, Sensex down 370pts

The markets continued to slip in late morning trades after sovereign debt concerns in Europe cast their spell on the global markets. A sell-off across Asia and evident selling in the IT and Metal sector, dragged the markets down. The BSE Sensex is at 16,494, down 373 points and the S&P CNX Nifty is at 4,936, down 123 points.

Meanwhile, the index of industrial production (IIP) data for July has been registered at a dismal 3.3%, further adding to the negative sentiment across the bourses. The BSE Capital Goods index has taken a blow following the weak data. It is currently at 12,116, down 3%. Suzlon Energy, Punj Lloyd, Thermax and Alstom Projects are the major losers, down 4-5% each.

BSE Metal index is at 11,874, down 4% and the BSE IT index is at 4,782, down 3%.

Jindal Steel, NALCO, Tata Steel and Sterlite Industries, down 4-5% each, are the top losers from the Metal pack.

From the IT sector, HCL Technologies, Tech Mahindra, Infosys and TCS, down 3-5% each, are the major losers among the IT stocks.

Jindal Steel, Tata Motors, JP Associates, Tata Steel and Sterlite Industries, down 4-5% each, are top losers on the Sensex. Tata Motors is trading over 5% lower at Rs 146 on the Bombay Stock Exchange (BSE) after the company informed that its group CEO, Carl-Peter Forster, resigned on Friday, citing unavoidable personal circumstances.

On the other hand, in the weak markets, the only top gainers among the Sensex 30 stocks include Hindustan Unilever, ONGC and Cipla.

The overall markets breadth is abysmal as 1,719 stocks have declined against 618 advancing ones.