Markets under pressure, Sensex down 189pts

A negative start this morning was followed by a weak run in the red, with the domestic bourses taking cues from sell-offs in their Asian peers. Also, the derivatives expiry due this week saw selling pressure grip the markets. The Sensex was trading lower by 189 points at 18,137, while the Nifty was at 5,425 down 61 points.

Tata Motors was the top loser amongst the Sensex stocks, off 3% at Rs 1,130, while ICICI Bank at Rs 1,015 and Jaiprakash Associates at Rs 80 were down 3% each.

Only three components on the Sensex were in the green. These include ITC up 2% at Rs 190, BHEL at Rs 2,081 up 0.3%, and Bharti Airtel at Rs 374 up marginally.

In the broader markets, the Mid-cap index was quoting down 1% at 6,698, while the Small-cap index was at 8,124 down 0.8%.

Only the FMCG index was in positive terrain in the sectoral space, up 1% at 3,786.

The Bankex was witnessing selling pressure; it declined more than 2% to 11,891, while the Metal counter, also off 2%, was at 14,826. Following a dampening outlook in the commodities space, given the monetary tightening in China, Euro zone debt issues and the low chances of a QE3 in the US, the metal space may continue to trade weak.

Of the 2,430 stocks traded on the B-S-E so far, 802 advanced, while 1,536 declined, indicating a negative market breadth. Another rate-sensitive sector, auto, saw a decline, with the Suto index slipping nearly 2% at 8,953.