Equity markets were trading weak, mirroring a similar fall in global markets, after Dubai World asked creditors if it can delay its debt obligations until May.

Heavy selling pressure was witnessed across realty, banking, metal and consumer durable stocks.

BSE Midcap and Smallcap index plunged 2.46 percent and 2.64 percent respectively.

Dubai had collected $80 billion of arrears by escalating in banking, realty and transportation. S&P had assigned the ratings of four Dubai-based banking institutions on negative viewpoint owing to their exposure to Dubai World.

In the meantime, US markets remained closed for the Thanksgiving holiday. On Friday, trading will start again, but the US bourse will close early at 1 pm.

Today, the 30-share index, BSE Sensex belled the day after losing 136.13 points at 16,718.80.

At 11:15 a. m., the Sensex lost 367.71 points to 16,487.22 levels, while the Nifty fell 2.45% to 4,883.15.

Among the sectoral indices, BSE Realty remained the major loser after dropping 4.89%, followed by Bankex declined 3.09%, Metal fell 2.97%, Capital Goods dangles 2.76% and Oil & Gas sank
2.45%, while BSE HC surged 0.46%, TECk gained 0.96%.

The top losers in the Sensex pack included DLF (-4.90%), JP Asso (-3.75%), Maruti Suzuki India (-3.73%), L&T (-3.72%), ICICI Bank (-3.52%), and Hindalco (-3.49%).