The Sensex is now at 16,793 - down 258 points.
The Nifty is down 78 points at 5,018.
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(Updated at 1013 hrs)
The markets have recovered about 150 points from their day's lows. The Sensex is now down 290 points at 16758, after touching a low of 16608, and the Nifty is at 4993, lower by 100 points.
Wall Street had ended weak due to increased bank regulation in the US & tighter monetary policy in China.
And the steep fall in the US has dragged the Asian markets as well. The Hang Seng has lost as much as 550 points and the Nikkei has weakened by 305 points.
L&T is the top loser among the Sensex stocks, having shed 4.5% at Rs 1455. The engineering behemoth had lost 6% on the previous day following the disappointing December results. DLF and Tata Steel have weakened by 4% each at Rs 349 and Rs 622 each.
Jaiprakash Associates, ONGC and Sterlite are the other major losers.
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Index heavyweight, Reliance, has given up 1.6% at Rs 1036 ahead of its Q3 results.
On the other hand, ITC has added Rs 5 or 2.3% at Rs 249 and Bharti has strengthened by Rs 1 or 0.5% at Rs 324.
The market breadth is extremely weak. Out of 2429 stocks traded on the BSE, there are a mere 210 advancing stocks as against 2195 declines.