After 5 straight days of losses for the markets, there was no respite as the Nifty opened lower once again, beginning the month of November on a bearish note.
China's factory activity, which fell for the eighth straight month in October, dragged Asian markets lower on fears of a slowdown in the world's second largest economy.
The Nifty was trading 23 points lower at 8046 points, while the Sensex dropped 70 points in trade at 25,786 points. Banking stocks like ICICI Bank and Axis Bank were trading in the green and managed to lend some support to the falling market.
Apart from L&T and ITC stocks that lost ground was Infosys, which also added to weakness in the benchmark indices as the company is a heavyweight stock Mahindra and Mahindra and Tata Motors were among the few stocks that managed to gain ground from the Nifty space.
Companies that did not declare quarterly numbers as per market expectations were severely hammered. Indian Overseas Bank dropped a huge 14 per cent, while Titan was down 4 per cent.
Meanwhile, most of the Asian markets including the Japanese Nikkei, the Singapore Strait Times and the Hong Kong's Hang Sang were trading with gains. Only the Korean Kospi was trading with gains.