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In US markets, stocks suffered their biggest drop since November after a strong showing in Italian elections by groups opposed to the country's economic reforms triggered worry that Europe's debt problems could once again destabilize the global economy.
The Dow Jones industrial average dropped or 1.5%, to 13,784 at the close. The Standard & Poor's 500 Index lost 1.8%, to 1,488. The Nasdaq Composite Index fell 1.4%, to 3,116.
Asian markets were largely in the red with Japan's Nikkei share average retreating from a 53-month high as the yen strengthened on uncertainty following the Italian elections, with shares of some big exporters to Europe tumbling. The only exception among the Asian markets was Shanghai Composite which was up 0.5%.
Most of the sectoral indices have slipped in to the red this morning. The BSE auto index is down 0.8% at 10,692. BSE oil & gas index has dropped 0.8%, followed by healthcare, metal and banking indices. On the other hand, the consumer durables has added 0.2% at 7,128. IT index is flat as well.
However, the country's largest private telecom company Bharti Airtel has surged 4% at Rs 319 this morning as the telecomm player will launch 4G services in Chandigarh by the end of next month.
BHEL, Hindustan Unilever and Infosys are up 0.3-0.8% each.
On the other hand, Maruti Suzuki is down 1.5% at Rs 1,419. Mahindra & Mahindra and Tata Motors also from the auto pack are down 1.5% each.
ICICI Bank is down 1.3%, followed by HDFC. Larsen & Toubro, ONGC, Hindalco and Wipro are also in red.
Cairn India is down 0.7% at Rs 306 as the company begun drilling its first exploration well in four years on the prolific Rajasthan block.
Jet Airways is down 3% at Rs 490 as the much anticipated Jet-Etihad deal has hit a roadbloack.
