Markets languish in red

Sensex has continued to trade weak. The Sensex is now down 147 points at 17,543. The Nifty is down 47 points at 5,261.

The BSE realty idex continues to be weak and is down 2% at 3424. The metal index dropped 1.6% to 17,648.
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(Updated at 0920 hrs)

Markets have tumbled this morning on weak cues from across the globe. The Sensex opened at 17,643 - down 48 points. The index dropped almost immediately to a low of 17,461 - down 230 points from the previous close.

The Sensex is now down 164 points at 17,527.

The Nifty is down 58 points at 5,249.

The US markets ended deep in the red after the debt ratings on Greece and Portugal were downgraded.  The Dow ended at 10991, weaker by 213 points or 1.9%, Nasdaq closed at 2471, lower by 51 points or 2%.

Asian markets are also in red. The Hang Seng has slipped 326 points (1.5%) to 20,935. The Nikkei has shed 277 points (2.5%) at 10,935.

BSE realty and metal indices are weak in early trades. Indices have dropped nearly 2% each to 3,423 and 17,651, respectively. FMCG index is marginally in green.

Hindalco has tumbled 2.5% to Rs 179. Sterlite and Tata Steel have dropped 1.8% each to Rs 814 and Rs 636, respectively.

Jaiprakash Association has slumped 2.3% to Rs 149. DLF has shed 2% at Rs 310.

ICICI Bank and Bherti Airtel have dropped 1.6% each to Rs 931 and Rs 294, respectively. HDFC, Wipro, Mahindra & Mahindra and Reliance Infrastructure are the other losers.

On the other hand, Sun Pharma has gained 1% at Rs 1,613. FMCG stocks - ITC and Hindustan Unilever are marginally in green at Rs 271 and Rs 242, respectively.