Weakness persists, Sensex down 280pts

After having recovered partially from the early morning losses, the markets have once again given in to selling pressure in late morning trades. The BSE Sensex is at 16,082, down 279 points and the S&P CNX Nifty is at 4,834, down 90 points. The BSE bsenchmark index had begun the day at 16,222 and had touched a low of 16,053.

BSE Metal, Capital Goods, Bankex and Realty indices, down nearly 2% each, are the leading the losses. NMDC, SAIL, Sterlite Industries and Bhushan Steel, down 4-5% each, are the prominent losers from the Metals' space.

Yes Bank, Axis Bank, IndusInd Bank, HDFC Bank and IDBI Bank, down 3-4% each, are the major losers among the financials.

Among the Sensex 30 stocks, Tata Motors, Sterlite Industries, HDFC Bank, Hindalco Industries and Tata Steel, down 3-4% each, are the top losers. Cipla has moved up nearly a percent at Rs 281 and is the top gainer on the Sensex. Other prominent gainers include Wipro and Tata Power.

The overall market breadth is negative as 1,831 stocks have deckined against 571 advancing ones on the BSE.