Sensex down 75 pts on fresh selling and weak Asian markets

The stock markets were trading lower than yesterday's close in the early trade amid reports that the empowered group of ministers (EGoM) that would decide raising diesel, kerosene and cooking gas rates is unlikely to meet today.

Weakness in Asian stocks also weighed on sentiment.

The 30-scrip Sensex resumed lower at 16,213.24 and dropped further to 16,118.35 before quoting at 16,147.19 at 1100hrs, showing a loss of 75.11 points or 0.46 per cent from its last close.

The NSE 50-share Nifty also dropped by 22.80 points of 0.46 per cent to 4,898.60 at 1100 hours.

Major losers were M&M (1.60 pc), ICICI Bank (1.49 pc), Jindal Steel (1.39 pc), Tata Motors (1.35 pc), HDFC (1.22 pc) and ONGC (1.15 pc).

Foreign institutional investors (FIIs) had sold shares worth Rs 105.73 crore yesterday as per provisional figures.

Most Asian stocks declined in the early trade amid uncertainty over the European debt crisis and concerns over China's growth. Key benchmark indices in Singapore, Japan, China, Taiwan and Hong Kong were down by up to 2.03 per cent.

Indication of lower opening in US index futures also affected the market sentiment.