Markets slide on global cues

The Indian markets are trading lower with the BSE benchmark slipping over 300 points to 20,249 levels, while the Nifty has shed 104 points, or 1.7% to 6089 levels.

The broad based sell-off comes on the back of China's key stock index that posted its biggest percentage loss in 14 months, ending down 5.2% on Friday, with investors dumping big cap financials on rumours of further monetary tightening. The Shanghai Composite Index ended the day at 2,985 levels, slipping below the psychological 3,000 level.

Most of the other Asian markets ended the day on a weak note, Nikkei lost 136 points to end at 9724, Taiwan ended at 8316 down 120 points and Hang Seng is down 406 points at 24,294. Meanwhile, the European markets have also opened lower with CAC losing 21 points at3867 and FTSE down by a point at 5815.

Back home, a lower-than-expected index of industrial production figures also spooked markets. The September industrial production grew by 4.4% as compared to 8.2% in the previous year. Manufacturing sector growth came in at 4.5% compared to 8.3% in the same period previous year. The biggest disappointment came from electricity sector, which grew by 1.7% compared to 7.4% in the previous year.

Among individual scrips, Bharti Airtel continues to lead the Sensex losers – down more than 4% over its previous close to Rs 304, followed by DLF, Hindalco, RCom, Tata Steel, ICICI Bank and Jindal Steel, which have shed more than 2.4% each.

The sectoral picture is also looking bleak with all indices trading in the red. The BSE realty index is the top loser and has shed nearly 3% at 3564 levels, followed by Consumer Durables, Metal, Bankex and Oil & Gas indices that have shed more than 1.4% each.

Among the realty stocks, DB Realty is the top loser, trading 4.5% lower. Unitech, DLF, Sobha Developers and Peninsula Land are down more than 2.4% each.