Markets drop to day's low

Markets have dropped sharply owing to weakness inconsumer durabls, metal and oil & gas space. Sensex is dowm 250 points or 1.5% at 15,912. Nifty is down 76 points at 4,792.
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(Updated at 0943 hrs)

The markets kick-started the week on a cautious note. The BSE Sensex opened at  16,113, down 50 points and the S&P CNX Nifty opened at 4,853, down 15 points. While stocks on Wall Street performed comparatively well before having shut for the week, reports of the Greek default and disappointing announcements about the US economy are expected to rub-off on the bourses.

Indian shares may come under selling pressure as gloomy factors on the gobal front continue to weigh on investor sentiment. Volatility is expected to rise as traders roll over positions on expiry of September derivatives contracts on Thursday. Investors will also closely monitor the Rupee, which last week slumped to its lowest level against the dollar in more than 28 months.

On Friday, The Dow Jones industrial average suffered its worst week since the depths of the financial crisis in 2008, stung by severe anxiety over Europe's spiraling debt crisis and a warning from the Federal Reserved about the US economy. But stocks ended higher after a disastrous four days of selling, which helped push down the S&P 500 index 6.6 % for the week. The Dow Jones industrial average gained 37.19 points, or 0.35%, to 10,771.02 on Friday. The Standard & Poor's 500 Index gained 6.83 points, or 0.60%, to 1,136.39, while the Nasdaq Composite Index gained 27.56 points, or 1.12%, to 2,483.23.

Investors will be eyeing Washington D.C. over the weekend for news on Greece as finance ministers meet at the annual World Bank and International Monetary Fund.

Close attention will be paid to public pronouncements from key European leaders and even rumors from closed-door meetings to see whether finance ministers can help Greece avoid defaulting on its debt. Any developments will dictate the mood among investors on Monday morning.

In morning trades, the Asian markets performed weak with the Hang Seng and Shanghai Composite indices trading flat while the Nikkei index shed nearly 2%.

Among the sectoral indices, BSE Metal, Consumer Durables, Oil & Gas indices, down nearly a percent each, are leading the losses.
NMDC, Sterlite Industries, Hindalco Industries and Sesa Goa, down 2-3% each, are the prominent losers from the metals' space.

Rajesh Exports, Titan Industries and Blue Star, down 1-2% each, are the major losers among the Consumer Durables stocks.

Tata Power has moved up 2% at Rs 101 and is the top gainer on the Sensex. Other prominent gainers include Wipro, Maruti Suzuki, Cipla and SBI, up 1-2% each. Losers from the pack include Hindalco Industries, Sterlite Industries, Coal India, HDFC Bank and Reliance Industries, down 1-2% each.

The overall market breadth is marginally negative as 709 stocks have declined against 688 advancing ones.