Markets continued to witness selling pressure in noon trades and are hovering near their day lows. The BSE benchmark index is trading at its intra-day low at 16,941 down 217 points. Nifty is down 68 points at 5,137 - down 68 points.
Asian markets languished in trades on continued fears regarding Greece and Spain. Japan's Nikkei slipped 1.8% to 8,508. Hang Seng slumped 3%, followed by Taiwan and Kospi indices.
The rupee is trading at 55.77/78 after falling as much as 55.84, its lowest since July 12. The pair closed Friday at 55.32/33.
BSE metal index is leading the fall. The index is now down 2.7% at 10,385. Realty, capital goods, power and auto indices are also in red. None of the sectoral indices are in the positive zone.
Maruti Suzuki has slumped 5.6% to Rs 1,080 as the labour unrest continued in its Manesar plant. From the metal space, Sterlite, Hindalco and Tata Steel dipped 3-4% each. Bharti Airtel, ICICI Bank and Larsen & Toubro were also in the red.
Telecom stocks were mostly lower after the Empowered Group of Ministers (EGoM) on telecom, decided to recommend a reduction in the reserve price for the 2G spectrum auction suggested by sector regulator Trai. Reliance Communications and Idea Cellular shed 2-3% each.
Meanwhile, Zee Entertainment touched a new high of Rs 155 today on reporting 21% year-on-year growth in consolidated net profit at Rs 157 crore for the quarter ended June 2012.
BSE market breadth is negative. Out of 2,616 shares traded, 1,641 shares declined while 862 shares advanced.
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