Sensex slumps below 16K

Markets have extended losses and is now at the day's low. The Sensex is down 495 points at 15,974 - falling below the 16,000 mark for the first time since February 2010. 

The Nifty has dropped below the 4,800 mark. The index is now down 153 points at 4,791.
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(Updated at 1416 hrs)

Markets continue to trade near the lows of the day. The Sensex is now down 339 points at 16,130. The index is just 12 points away from the day's low.

The markets had a weak start on the back of cues from Asian markets. It fell to its lowest level in three months. European markets opened in the red, dragging the Indian bourses further.

The Nifty is down 122 points at 4,822.

The BSE mid and small cap indices underperformed the broader markets and have slumped over 2% each to 6,545 and 8,274, respectively.

All the sectoral indices are in red - with the metal index leading the decline. The index is down 4% at 14,142.

Reliance has dragged the markets today. The stock is now down 2% at Rs 999.

Reliance Communications has slumped 5.3% to Rs 140.

Metal stocks are in red. Hindalco has plunged 4.3% to Rs 139. Tata Steel has slipped 3% to Rs 486. Sterlite is down 2.3% at Rs 621.

Larsen & Toubro has tumbled 3.5% to Rs 1,573. Tata Power and SBI have shed 3% each at Rs 1,203 and Rs 2,172, respectively.

Tata Motors has dropped 2.8% to Rs 686. Mahindra & Mahindra has slipped 2.5% to Rs 516. Maruti Suzuki is down 2% at Rs 1,196.

ITC, Grasim, NTPC, ICICI Bank and Reliance Infrastructure have dropped 1-3% each.

However, Cipla and Bharti Airel have added marginally to Rs 315 and Rs 268, respectively.

The BSE market breadth is fairly negative. Out of 2,782 stocks traded, 2,200 have declined while 507 have advanced.