Sensex down 229pts; breadth very bearish

The Sensex is now down 229 points at 13,862.

SBI has tumbled 6.5% to Rs 1,096. ICICI Bank has shed 6% to Rs 897, and HDFC Bank has dropped 5% to Rs 1,018.

Maruti has slipped over 5% to Rs 845, and Grasim have slumped 3.7% to Rs 2,649.

Tata Motors, Bajaj Auto, Dr.Reddy's, HDFC and Larsen & Toubro are down around 2% each to Rs 846, Rs 2,985, Rs 711, Rs 1,690 and Rs 1,583, respectively.

The market breadth is extremely negative - out of 2,123 stocks traded so far, 1,712 have declined, 378 have advanced and the rest are unchanged.