After registering a loss of over 900 points on Monday, Indian Stock markets are heading towards another weak close. At 1.30 p.m., BSE Sensex was hovering around 16,100 and was down by nearly 2.8 percent. BSE Midcap index was trading with a loss of 3.8%. Small cap index was down by 4.1%. NSE Nifty was down by 125 points.

Reliance Industries was trading with a loss of 3.5%. The stock touched a, intraday low of Rs 2210 and a high of Rs 2338.

Banking Stocks were down in today’s trading session with private banks losing quite substantially. ICICI Bank was by 8.1% at Rs 941. The stock touched a low of Rs 930. HDFC bank was down by 3.5%. SBI was down by 2% and was trading below Rs 1900. PNB lost 6.8% and touched a low of Rs 503.

Real Estate majors were also down in today’s session. Unitech lost nearly 6% and touched a low of Rs 318.85. Omaxe was down by 5.1%. DLF was also down.

Reliance group stocks were down. REL, RCom, RPL and Reliance were dragging the indices down.
Suzlon Energy was down by 9% at Rs 229. BPCL lost 5.7%. Bajaj Auto, NALCO and BHEL were among other major losers.

The stock markets are very volatile and are looking weak for the next 3 – 4 trading session. US stock markets are weak and offering weak signal for global markets as well. Asian markets were also trading weak and offered another shock to investor sentiment.

Technical Analysts are expecting the correction to continue and we may see a support at 15,500.