Investors pound markets again; Sensex drops sharply

Indian indices plunged once again, as global data played havoc across markets. The BSE Sensex opened lower by 160 points on Monday tracking weak Asian and global cues, with the BSE Sensex dropping 167 points to trade at 15,795 points, while the Nifty lost 56 points at 9.30 am IST.

On Friday, US indices fell as job growth in May was the weakest in a year and employers added far fewer jobs in the prior two months than previously reported.

In Europe the manufacturing sector contracted to the worst level in three years, while Italy's jobless rates reached a lifetime high added fuel to the fire. Also, new orders in the German manufacturing sector shrank at the fastest pace since last November, falling for the eleventh straight month in May 2012, signaling weak underlying demand. These key data affected markets across the global and India as well.

The only gainers in morning trade were BPCL and Hero Motocop. Stocks that failed to lure investors in early trade were Cairn India, Jindal Steel, Reliance Infra and SBI.

On BSE, all the sectors were bleeding in early trade.

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