Markets languish at lower levels

The markets continue to languish near the day's low. The Sensex is now down 345 points at 16,125. The Nifty is down 108 points at 4,836.
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(Updated at 1240 hrs)

The markets continue to dip lower as the day progressed. To add the woes Asian markets too have extended losses, and the European markets too have opened sharply lower, down 2-2.5% each.

Metal sector continues to bear brunt of the selling, the BSE Metal index has tumbled over 3% to 14,259. It is followed by the Consumer Durables, Auto and Capital Goods indices.

The BSE Mid-cap and Small-cap indices too are down over 2% each at 6546 and 8288, respectively.

The BSE benchmark index, the Sensex, is now down 354 points at 16,115. The NSE Nifty has declined 107 points to 4837.

The market breadth too continues to remain extremely bearish - out of 2,685 stocks traded so far, 2,132 stocks have declined and 478 stocks have advanced.

Reliance Communications has slumped 6.5% to Rs 138. Grasim has plunged nearly 5% to Rs 2,278.

Reliance Infrastructure, Tata Power, Tata Motors, Tata Steel and Larsen & Toubro are the other major losers.

Bharti, however, is the sole gainer among the index stocks.