The markets plunge deeper with the BSE Sensex at 16,615, down 452 points and the Nifty at 4,996, down 137 points.
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Updated at 1130 hours
After having opened weak, the markets continued to edge lower in the late-morning deals. The BSE Sensex is at 16,730, down 335 points and the S&P CNX Nifty is at 5,032, down 101 points. Earlier, the BSE benchmark had kick-started the trading session at 16,828.
The Asian markets are trading equally weak, with the Hang Seng, Nikkei and Shanghai Composite indices having shed 2-4% each. The plunge in markets across the globe has come after the Federal Reserve made it official, yesterday, that there were significant downside risks to the economy even as it launched a new plan, 'Operation Twist', to reduce long-term borrowing costs.
Among the sectoral indices, BSE Realty, Metal and Auto indices are leading the losses, down 2-3% each. Tata Motors, Bharat Forge, M&M and Apollo Tyres, down 2-4% each, are the major losers among the Auto stocks.
Sterlite Industries, JSW Steel, SAIL, Hindalco Industries and Tata Steel, down 3-4% each, are the major losers from the Metals space.
Sterlite Industries, Tata Motors, DLF, JP Associates and Bharti Airtel, down 3-4% each, are the top losers among the Sensex 30 stocks. There are no gainers on the Sensex.
Among the individual stocks, SAIL has slipped 4% at Rs 110 on reports that the company has paid lower advance tax for the July-September quarter reflecting the likely impact of slowdown in earnings growth.
The overall market breadth is negative as 1,667 stocks have declined against 661 advancing ones. on the BSE.