Nifty slides below 4,900 on dismal global cues

Markets continue to maintain the downbeat momentum with Nifty breaking another level of 4900. By 1120 hrs, the Sensex remained at 16,261 sliding down by 230 points, and the broader Nifty index remained at 4,876 declining by 68 points.

Markets opened with a downward gap for the second consecutive session mirroring weak global cues. Globally, markets weakened after Germany rejected some of the European Union summit draft measures.

ECB President Mario Draghi's comments also battered hopes that the central banks would raise its bond purchases of debt-ridden European nations.

The Dow ended below the psychologically-important 12,000 mark. Dow Jones Industrial Average fell 1.63% at 11997.7. Nasdaq shed 1.99% at 2596.38. Standard & Poor's 500 slipped 2.11% at 1234.35.

Asian markets were trading lower with Hang Seng dropping by nearly 500 pts. Shanghai Composite, Nikkei, Strait Times have fallen between 1-2%.

Back home, on the sectoral front, BSE Capital Goods, Auto, Power, Realty and Metal indices are leading the downslide, all stumbling down by nearly 2% each.

The top losers on the Sensex are Sterlite and BHEL, both dropping by 3% each.

Index heavyweight RIL has submerged by 2%.

Bajaj Auto, M&M and Tata Motors have decelerated by 2% each.

Meanwhile, Midcaps and Smallcaps too have come under pressure, dropping by almost 1% each.

Capital Goods major GMR Infrastructure, touched 52-week low of Rs 18.60 on the BSE post civil court order of Maldives. Sources informed that the court won’t allow the company to collect development fee at Maldives airports.

Aviation stocks like Kingfisher Airlines declined 6% to Rs 23.65 and Jet Airways too plunged 5% to Rs 238.50 following reports the service tax department has raised a demand of close to Rs 2,000 crore on both airlines Ltd.

The market breadth remains marginally weak with 790 shares advancing and 1,373 shares declining.