Indian stock markets came under pressure today after selling pressure witnessed across index heavyweights like Reliance, HDFC Bank, ONGC and SBI.

The sharp fall was witnessed because of weak start to the European markets. The FTSE index lost 1.2%, CAC index in France was down by 1.5% and the DAX index in Germany shed 1.4%.

Around 2:32 pm, the 30-share index Bombay Stock Exchange (BSE), the Sensex, which belled the day at 14,353 points, was trading down by 167 points at 14,422.46.

Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) slipped 70 points to stand at 4,242.

Religare Securities report said, “US markets closed up and Asian markets are positive The World Bank said the global recession this year will be deeper than it predicted in March and warned that a flight of capital from developing nations will swell the ranks of the poor and the unemployed. On the domestic front, we expect our market to open up and rally for the day.”

Barring the FMCG and the banking index all the major sectoral indices were trading in the red zone. BSE Oil & Gas, Power and the Metal index declined more than 1.5% each.

Among the 30-components of Sensex, 23 stocks are in the negative terrain and 7 are in the red.

Stock brokers stated that profit-taking at higher levels and weak opening at the European stock markets mainly reversed the early firming trends on the domestic stock exchanges.

“Trend deciding level for the day is 4282 4420. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4358 – 4402/14661 - 14800. However, if Nifty trades below 4282/14420 for the first half-an-hour of trade then it may correct up to 4238/14281,” said Angel Broking note.