The Indian markets opened on a dull note during the morning trading session tracking weakness in Asia and the sharp sell-off in overnight trades in the US.
Tata Steel dipped over 5 per cent on the BSE in early morning trade after the company said the rating agency Standard & Poor's downgraded the long-term corporate credit rating by a notch to 'BB-' from 'BB', citing weak financial performance and high debt leverage.
At 9:35AM BSE SENSEX was at 24619.51, down by 234.6 points or by 0.94 per cent while the NSE Nifty was at 7457.25, down by 105.15 points or by 1.39 per cent.
The BSE MIDCAP was at 10588.62, down by 147.8 points or by 1.38 per cent while the BSE SMLCAP was at 11073.08, down by 201.51 points or by 1.79 per cent.
The top gainers of the BSE Sensex pack were Infosys Ltd. (Rs. 1138.65,+5.20 per cent), Tata Consultancy Services Ltd. (Rs. 2289.60,+0.41 per cent), among others.
The top losers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 233.85,-5.32 per cent), Tata Motors Ltd. (Rs. 352.25,-3.35 per cent), Larsen & Toubro Ltd. (Rs. 1122.75,-3.03 per cent), Bharat Heavy Electricals Ltd. (Rs. 143.85,-2.77 per cent), Mahindra & Mahindra Ltd. (Rs. 1172.00,-2.77 per cent), among others.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of total 1826 shares traded, 215 shares advanced, 1557 shares declined while 54 were unchanged.
Among the sectoral indices on BSE, BSE Metal index was at 6829.95, down by 175.57 points or by 2.51 per cent led by Tata Steel Ltd. (Rs. 233.85,-5.32 per cent), Jindal Steel & Power Ltd. (Rs. 74.85,-4.10 per cent), Hindalco Industries Ltd. (Rs. 74.60,-2.99 per cent), Vedanta Ltd. (Rs. 78.85,-2.59 per cent), JSW Steel Ltd. (Rs. 982.95,-2.16 per cent).
Asian shares skidded today, taking their cue from steep losses on Wall Street as an overnight rout in oil prices heightened worries about the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.7 per cent in early trade.
Japan's Nikkei shed 3.3 per cent, as downbeat domestic data added to the gloom. Chinese stocks and the yuan slipped on Thursday, despite the efforts of the authorities, as the gloom enveloping global markets overwhelmed signs that China's economy is not weakening as fast as some investors had feared.