Sensex slips below 17500 on Greece concerns

Indexes slipped into the red in line with other global peers after normal & Poor's cut Greece's credit rating to junk and sunk Portugal two fixed points. Furthermore, with F & O expiry due Thursday, is the instability is expected to be high. (View)

For 9:10 am, the Bombay Stock Exchange's Sensex 17,493.72, down 196.90 points or 1.11 percent. The index hit a low of 17,461.35 and high of 17,643.59 in trade so far.

The National Stock Exchange's Nifty was at 5,246.35, down 62 points or 1.17 percent. The index touched a low of 5,234.35 and high of 5308.25 in near the beginning trading.

The Nifty is likely to open lower due to the ruler downgraded by Greece and Portugal, leading to a global selloff. Nifty is likely to find support around 5250, when a buyer can occur, but a wait and see attitude is optional. Medium term nifty leftovers bullish as it is above the key support level in a range of 5140-5180.

We are still selectively bullish on banking breathing space from the medium term. Weakness likely in ACC, HDIL and JPA while JSPL & LIC Housing seems much further progress, "said Edelweiss report.

BSE MidCap Index was down 1.11 per cent and BSE Smallcap Index moved 1.18 percent lower.

In the middle of the sectoral indices, BSE Realty Index fell 1.82 per cent and BSE Metal Index fell 1.60 percent. BSE FMCG market index was up 0.17 percent.

Jaiprakash Associates (-2.52%), DLF (-2.51%), Hindalco Industries (-2.26%), RIL (-1.93%) and Reliance Infra (-1.82%) led the Sensex fall .

Sun Pharma (1.10%), Holland (0.77%) and ITC (0.52%) were the only index winners.

Market breadth was negative on BSE with 1463 falling to 388 advances.

At the same time dropped the Dow Jones Industrial Average 213.04 points, or 1.90 percent, to 10,991.99. Standard & Poor's 500 index fell 28.34 points, or 2.34 percent, to 1,183.71. Nasdaq Composite Index lost 51.48 points, or 2.04 percent, to 2,471.47.

Stocks in Asia fell as well on Eueopean credit rating cuts that sent the Nikkei down 2.47 per cent and Kospi fell 1.07 percent lower. Hang Seng fell 1.18 per cent and Straits Times shed 1.41 per cent.