Markets trade weak, Sensex down 200pts

The markets continued to trade in the weak in late morning trades owing to weak global cues. The BSE Sensex is at 16,622, down 199 points and S&P CNX Nifty is at 4,976, down 65 points.

Negative sentiments in the global markets are affecting the bourses. On Friday, markets in the United States slumped 2% after data from Labor Department showed zero jobs growth in August, raising concerns that the US economy was still very fragile.

In Asia, Nikkei, the Hang Seng and the Shanghai Composite are down almost 2-3% each. The Asian stocks are sinking owing to losses in financials.

Among the sectoral indices, BSE IT is leading the losses at 4,886, down 2% and is followed by BSE Oil & Gas at 8,388, down 1.7%. Patni Computer, Infosys, HCL Techologies and TCS are the major losers amongthe IT stocks, down 2-3% each.

Hero MotoCorp, Jindal Steel, Bajaj Auto and Tata Steel, up 1-3% each, are the top gainers on the Sensex, The major losers on the Sensex include Infosys, HDFC, ONGC, TCS and Sterlite Industries, down 2-3% each.

The overall market breadth is negative as 1,270 stocks have declined against 1,083 advancing ones.