Indian stock markets are still under huge pressure because of turmoil in worldwide markets. 

Sharp Decline in Indian currency and disappointing IIP numbers also dragged the Sensex down. Indian rupee fell to a six-year low against the dollar as weak stock markets impelled investors to retrieve their funds from the markets. 

After falling 1.68% on Wednesday to Rs 48.375, the partially convertible rupee stood at Rs 49.19 a dollar today.

For the month of August 2008, India’s Index of Industrial Production (IIP) index fell to 1.3% as against 7.1% on m-o-m basis. IIP figures stood at 10.9% a year ago i.e. August 2007.

BSE Midcap and Smallcap index dropped 9.13% and 7.48% respectively. 

All segments and their respective stocks hammered badly.

At 12:34 p.m., the 30-share index Sensex fell 908.08 points at 10,420.28, after hitting a high of 10,904.13 and a low of 10,239.76. 

On the other hand, the broad based Nifty lost 275.75 points at 3,237.90, after hitting a high of 3,502.05 and a low of 3,198.95. (12.34 p.m.) 

Overall market breadth was negative as it saw 254 advancements as against 2,119 declinations. 

The losers’ list included ICICI Bank (23.87%), Jaiprakash Associates (17.15%), Reliance Communications (14.84%), Reliance Energy (14.73%), Bharat Heavy Electricals (10.73%), and Tata Steel (10.53%).

There were no gainers in the Sensex or Nifty.