Markets have started to recover.
The Sensex slipped to a low of 16,144 - down 209 points. The index has now recovered considerably and is down just 44 points at 16,310.
The Nifty is down 13 points at 4,833.
ICICI Bank has tumbled 4.6% to Rs 797. Metal stocks have also dropped sharply. Sterlite has slumped 4.3% to Rs 745. Tata Steel has shed 3% to Rs 486. Hindalco is down 2.5% at Rs 123.
Reliance Communications, SBI, Maruti Suzuki, DLF, Jaiprakash Associates and Reliance Infrastructure have moved down 2-3% each.
Other losers in the Sensex include BHEL, Hero Honda, Sun Pharma and HDFC Bank.
On the other hand, Reliance is holding up at Rs 2,024 - up 1.6%.
Wipro and Larsen & Toubro have added 1.3% each to Rs 612 and Rs 1,577, respectively.
The market breadth is extremely negative. out of 2,192 stocks traded 1,692 have declined while 456 have advanced.
