Sensex back below 17000; global pressures mount

Updated: Monday, July 23, 2012, 9:34 [IST]

Weak closing in the US and Europe on Friday dragged Asian markets lower today, with the Sensex dropping 163 points to trade at 16996 points, while the Nifty was trading lower by 48 points at 9.20 am IST.

The day's top loser was Maruti which shed 4.61% on reports that the lock out at the Manesar plant is likely to continue for some more time. Other stocks that lost heavy ground among the Sensex stocks were Tata Steel, Tata Motors, Sterlite and Hindalco. The only gainers amongst the Sensex stocks were Reliance Industries, Tata Power and Hindustan Unilever.

In Asia markets were trading significantly lower with the Hong Kong's Hang Sang , Korean Kospi and Singapore Strait Times shedding more than 2%.

Drop across global markets can largely be attributed to fresh debt worries in Spain and Italy.

Domestically, markets are looking at cues from the results seasons, which has been mixed so far. Biggies, Larsen and Toubro and Hindustan Unilever are expected to report numbers later today.

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