Markets continue weak, Sensex down 190pts

The markets continue to succumb to losses in late morning trades. The BSE Sensex 16,523, down 190 points and the S&P CNX Nifty 4,954, down 62 points. Weak global cues and resurfacing debt concerns in Europe are adding to the negative sentiment.

Meanwhile, the Asian markets continue in the red due to losses in financial shares on resurgence of sovereign debt woes. The Hang Seng index was down 1.1%, the Shanghai Composite index declined 0.2% and the Nikkei shed 2%.

DLF is the top loser on the Sensex at Rs 198, down 5%. Other prominent losers include Tata Steel, SBI, JP Associates and ICICI Bank, down 2-3% each. The gainers among the pack include Mahindra & Mahindra, Jindal Steel, Maruti Suzuki, ONGC and Tata Motors, up 1-2% each.

Among the sectoral indices, BSE Realty, Bankex and Metal indices are leading the losses,down 2-3% each. Union Bank of India, Federal Bank, SBI and Axis bank, down 3-4% each, are the top losers among the financials.

JSW Steel, Tata Steel, Sterlite Industries, NMDC and Sesa Goa are the top losers among the Metal pack, down 2-3% each.

Among the individual stocks, Dunlop India is soaring in a weak market on the news that it has put its real estate assets on the block to raise money. The stock is quoting at Rs 14, stronger by 4%, on the BSE.

The overall market breadth is negative as 1,291 stocks have declined against 964 advancing ones on the BSE.