Indian Stock markets are heading towards a weak close on Monday. At 2.00 pm, the BSE Sensex is down by 655 points at 15,715. NSE Nifty has lost over 3.7 percent and is currently at 4757. Traders are worried about rising inflation and weak global cues.

Banking Stocks are trading down and some heavyweights are dragging key indices down. SBI, ICICI Bank, HDFC

Bank and PNB are among major losers. SBI touched an intraday low of Rs 1590 and is currently trading at Rs 1602 with a loss of 4.4%.

Technology counters are also facing tough time today. Satyam Computers slipped below 400 level and is currently trading at Rs 394. Infosys Technologies, Polaris Software, HCL Tech and Wipro are trading with huge loss.

European markets have opened weak. The effect of Fed Rate cut will not be able to help the markets anymore and US markets may open weak as well.