Markets fall sharply

The Indian markets fell sharply in the opening trade tracking weak global cues as Germany dampens hope for debt plan. Technology stocks were the major draggers as weaker-than-expected results of TCS and HCL Tech weighed on the sentiments. The Sensex fell below the 16800 level and the Nifty dropped below the 5050 mark. The market breath was weak.

Selling was seen across the board. All the sectors were trading lower. BSE IT was the bigger loser declining by 3.56%, BSE TECK fell by 3.05% and BSE Realty down by 2.24%.

Major Sensex losers — TCS down by 7.08%, Hindalco down by 3.34%, Tata Steel down by 3.32, Tata Motors down by 2.93% and Wipro down by 2.89%.

At 9.46 am, the Sensex was trading at 16788, down by 237 points and the Nifty was trading at 5047, down by 72 points.