The Sensex is now down 187 points at 16,140 and the Nifty has shed 63 points at 4,824.
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(Updated at 1155am)
The markets have extended their losses in the past one hour. The Sensex is down 160 points at 16,167 and the Nifty has shed 53 points at 4,834. The realty, metal and banking sectors are weak.
The Asian indices are in the red, with the Hang Seng and Nikkei having lost more than 2% each, and the US index futures also suggest a weak opening on Wall Street. The US Federal Reserve had raised its discount rate in a post-market announcement.
The top loser on the Sensex is Jaiprakash Associates, which has slipped 3.6% to Rs 130. DLF has dipped 3.3% to Rs 293. And metal stocks have extended their losses for the second consecutive day. Sterlite is down 3.3% at Rs 743, Tata Steel has dropped 2.4% to Rs 563 and Hindalco has shed 1.9% at Rs 149.
Index heavyweight, Reliance, is trading well below the 1000 mark at Rs 9836, lower by 1.3%.
On the other hand, Maruti has added 0.6% to Rs 1,370 and ONGC is up 0.5% at Rs 1105.
The market breadth is weak. Out of 2,604 stocks traded on the BSE, there are 723 advancing stocks as against 1804 declines.
