With several front line stocks reeling under a severe bout of selling pressure, the market, which opened on a weak note this morning, continues to languish deep down in negative territory in afternoon trade.
Worries about eurozone economy following the Cyprus government proposing a levy on bank deposits as part of a sovereign bailout deal triggered a sell-off in Asian markets, and are hurting sentiment on the Indian bourses as well.
At 19,252.18, around 20 points off the day's low of 19,232.23, the Sensex is now down 175.38 points or 0.9% from its previous close. The Nifty is down 50.70 points or 0.86% at 5821.90.
Metal stocks, led by Coal India, remain the most prominent losers. Mirroring their decline, the BSE Metal index is now down 2.2%. PSU, realty, automobile and oil stocks are mostly down with notable losses.
Bank and power stocks are trading weak as well. Information technology, capital goods and healthcare stocks are trading mixed. Select consumer durables and FMCG stocks have moved up a bit.
Coal India is down as much as 5.5%. IDFC, Ambuja Cements, GAIL India, Tata Power, Maruti Suzuki and BPCL are down 2.5% - 3%.
ICICI Bank, Reliance Infrastructure, Sesa Goa, Ranbaxy Laboratories, Tata Motors, Mahindra & Mahindra, Tata Steel and Kotak Bank are down 1.5% - 2%. Reliance Industries, Dr Reddy's Laboratories, Bajaj Auto, BHEL, ACC and Axis Bank are also down with notable losses.
The infrastructure arm of Larsen & Toubro Limited, L&T Infrastructure Development Projects is reportedly in talks to divest up to 20% stake to marquee investors, including Malaysian sovereign fund Khazanah, to raise up to Rs 2500 crore. The Larsen & Toubro stock is currently trading at Rs 1506, down marginally from its previous closing price.
REC, Adani Enterprises, Power Finance Corporation, Adani Ports, Reliance Communications, Yes Bank, United Phosphorus, IndusInd Bank, JSW Steel, Reliance Power, Torrent Power, Hindustan Petroleum Corporation and Reliance Capital are down 1% - 3.3%.
Cipla is trading 1.5% up. Hindustan Unilever, HCL Technologies, Lupin, Cairn Inda and Punjab National Bank are also trading higher.
Junior Nifty stocks Container Corporation, Shriram Transport Finance, Colgate Palmolive, Apollo Hospitals, Bank of India, Crompton Greaves, Oracle Financial Services, Titan Industries, Ashok Leyland, Union Bank of India and GMR Infrastructure are trading higher by 0.7% - 1.8%.