Indices are continuing the weakness from last week and have opened on a very weak note. Asian markets are weak following the lower closing by US indices on Friday. Indonesia and South Korea have lost around a per cent each while other markets are trading with more modest losses.
Sensex opened at 10042 and slipped to a low of 9875. The index is trading lower by 118 points at 9968 at 11.10 AM.
Nifty opened at 2945 and touched a low of 2878 before recovering. The index is trading lower by 40 points at 2905.
Metal stocks are under heavy pressure in early trades. Nalco is the biggest loser among index stocks, trading nearly 4.5 per cent lower. Hindalco has declined 3.5 per cent.
Among steel stocks, SAIL has lost close to 4 per cent and Tata Seel is down 3.5 per cent.
Engineering stocks are also under pressure. ABB and Siemens have lost around 3.5 per cent each.
Oil marketing stocks have also lost heavily, with BPCL trading 4 per cent lower. HPCL is down 3.5 per cent.
Tata Power and Grasim are the other major losers among index stocks.
ICICI Bank, which announced very good results over the weekend, is the best performer among index stocks - trading nearly 3 per cent higher.
Other frontline banking stocks like HDFC Bank and SBI are also trading with gains.
Satyam and Dr. Reddy's are the only other gainers among Nifty stocks.
Mid-caps and small stocks are doing even worse than the frontline stocks today morning. Most of the stocks have lost ground, among them even those who came out with good numbers.
The NSE mid-cap index is now trading with losses of nearly 2.4 per cent. BSE mid-cap has lost 2.38 per cent and the small-cap index is trading with losses of 2.68 per cent. Market breadth on the NSE is very negative with nearly 8 stocks declining for every advancing stock.
Vijaya Bank, Philips Carbon Black, Shyam Telecom, Andhra Sugar and Sanghi Industries are among the major mid-cap gainers.
Simbhaoli Sugar, Bombay Rayon Fashions, HMT, Emaky Stock & Share, Sunil Hitech, Shreyas Shipping and R Systems are the major mid-cap losers.