Indian equities markets belled the week on a negative note with a key index 2.36% lower than its previous closure on Friday (Feb 27).

Markets were down following heavy selling pressure witnessed across metal and banking stocks. The melting Asian markets added to the negative sentiment.

Brokers said that the stock market opened lower tracking a reduction on the other Asian equity markets after the US stocks fell to 12-year lows on Friday on deepening economic fears.

The BSE midcap index was 0.82% lower, while the BSE smallcap index was down 0.56%.

Among sectoral indices, the top included BSE Auto (0.19%), Realty (0.04%).

Meanwhile, the indices hit the most were BSE Bankex (3.22%), Metal (2.86%), Consumer Durables (2.71%), Oil&Gas (2.09%) and IT (2.03%).

The 30-share index, BSE Sensex, today (March 02) opened at 8,762.88 after losing 128.73 points. Around 10 minutes of trading, it fell deep into the negative terrain to 8,689.85.

At the meeting held today, the directors of Reliance Industries (RIL) sanctioned a scheme of amalgamation of Reliance Petroleum (RPL), the transferor company, with the company under the provisions of Sections 391 to 394 of the Companies Act, 1956.   

RPL stockholders will get one RIL share for every 16 shares held as part of the merger.

At 10:59 a.m., the 30-share index Sensex lost 198.74 points at 8,692.87 after hitting a high of 8,762.88 and a low of 8,644.03.

In the meantime, the broad based Nifty was trading down by 64.35 points at 2,699.30 after touching a high of 2,764.60 and a low of 2,677.65.

The major gainers in the 30-share index were Mahindra & Mahindra (1.84%), Ranbaxy Laboratories (1.55%) and Maruti Suzuki India (0.58%).

On the other hand, the major losers in the Sensex included Tata Steel (-4.12%), HDFC Bank (-4.05%), ICICI Bank (-3.78%), Reliance Energy (-3.01%), ACC (-2.98%) and Tata Consultancy Services (-2.93%).