Indices have slipped further as cement and banking stocks have lost heavily. Reliance Industries and select metal stocks are preventing further losses on the indices. Other Asian markets are mostly positive while Europe has opened higher.

Sensex is trading lower by 221 points at 13800 at 01.10 PM.

Nifty is now trading lower by 54 points at 3986.

Cements stocks have slumped further even after yesterday's sharp fall. Grasim is the worst performer among index stocks with losses of 5 per cent. ACC is down 3 per cent and Gujarat Ambuja has lost close to 3 per cent.

OBC is the worst performer among banks with losses of nearly 5 per cent. ICICI has lost more than 4 per cent while HDFC Bank has lost close to 2.5 per cent.

Ranbaxy has slipped more than 3 per cent and Dr. Reddy's is down 2.5 per cent.

ITC remains weak and is now trading more than 3 per cent lower.

Bharti Airtel has lost heavily and is now down close to 3.5 per cent.

BPCL is the other major loser, down nearly 3 per cent.

Gail India has rallied ahead and is the best performer among index stocks with gains of over 4 per cent.

Reliance Industries is holding on to gains of a per cent.

Tata Steel has rallied ahead after a firm start and is now trading well over 2 per cent higher. Among other metal stocks, Nalco and SAIL are trading with gains of close to a per cent each.

Dabur is holding on to gains of over a per cent.

Suzlon is continuing its recovery with gains of over a per cent. BHEL has added nearly 0.5 per cent.

Among tech stocks, Infosys and HCL Tech remain firm by nearly 0.5 per cent each.

Mid-caps and small caps also remain very weak. The NSE mid-cap index is now trading with losses of over 1.2 per cent. BSE mid-cap index has lost 1.6 per cent and the BSE small-cap index is trading 2.6 per cent lower. Market breadth on the NSE remains very negative in early afternoon trades.

Power Finance Corporation, the infrastructure lending company which got listed today, is now trading at Rs112 per share as against an issue price of Rs85.

Alchemist is locked in the 20 per cent upper circuit.

GMDC, Carol Info, BAG Films, Key Corporate Services and SSI are the other major mid-cap gainers.

Most of the recent listings are still under heavy pressure. Cambridge Technologies is down over 10.5 per cent. Autoline Industries and AI Champdany remain locked in 10 per cent down circuits.

Era Constructions, Atlanta, Alps Industries and Crew BOS also remain locked in 10 per cent down circuits.

Paramount Cables and Rajasthan Rayon are among the major mid-cap losers.