Mumbai: The markets opened weak taking cues from markets across the world. Dow Jones, Asian and the emerging markets have seen a downtrend.
However, the fall in the Indian market in the last one week has been lesser as compared with a fall in the other emerging markets like Brazil, Russia and Mexico.
After opening with a gap of over 500 points, the Sensex was trading at 11771 down 443 points at 11:00 am. The NSE Nifty was trading at 3500 down 135 points.
All the Sensex and Nifty stocks are in the negative terrain.
The market breadth is extremely negative, about 299 shares have advanced, 1656 shares declined, and 26 shares are unchanged.
All the BSE indices are trading in red. The metal index is down six per cent due to weakness seen on the London Metal Exchange, LME and metal stocks are leading the downfall.
Aluminium majors like Hindalco and Nalco are down over eight per cent and seven per cent respectively.
Steel stocks like SAIL is down seven per cent and Tata Steel is down six per cent.
Sterlite Industries is down nine per cent and Hindustan Zinc is down five per cent.
Cement stocks like ACC and Gujarat Ambuja are down over six per cent.
The other top losers on the indices are IPCL, MTNL, SBI, ITC, VSNL, Dr Reddy's, Reliance, HLL and NTPC.
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