Goldman effect: Markets drop in early trades

Markets have opened in the red this morning, mirroring cues from the Asian counterparts. Global markets continue to be weak after Secuities and Exchange Commission (SEC) filed a civil-fraud charges against Goldman Sachs.

The Sensex opened at 17,584 - down seven points. The index is now down 232 points at 17,359.

The Nifty is down 75 points at 5,187.

All the sectoral indices are in red. Realty index has slumped 2.2% to 3,469. Metal, consumer durables and power stocks are also down.

The Asian markets seem to be gripped by a bout of nervousness this morning.

The Hang Seng is quoting at 21,532, weaker by 333 points or 1.5% and the Nikkei is at 10,901, lower by 200 points or 1.8%.

BSE small and mid-cap indices are down 1.3% each.

Jaiprakash Associates has tumbled 2.8% to Rs 144. DLF and Tata Steel have slumped 2% each to Rs 323 and Rs 680, respectively.

Hindalco, Mahindra & Mahindra and Reliance Infrastructure are down. Sterlite, ONGC and Reliance Communications are trading 1.7% down each.

Tata Motors has dropped 1.8% to Rs 770. Grasim, BHEL, Tata Power and ACC have declined over 1.3% each.

Other losers include Maruti Suzuki, ITC, Bharati Airtel and Reliance.

However, TCS is marginally in green ahead of its Q4 results today.