Sensex fell 408 points at 16,371 and NSE Nifty fell 132 points at 4,875.

Markets continue its southbound journey as the selling prolongs on the Indian bourses. The slide has come on the back of huge volumes with the overall turnover already surging past the 1 lakh crore mark.

Among the 30 components of Sensex, 28 are in the negative terrain and only ITC, and Tata Power are in the green. Among the top losers are ICICI Bank, SBI, Infosys, HDFC Bank and HDFC.

At 1:10 pm (IST), the BSE 30-share Sensex fell 408 points at 16,371 and NSE Nifty fell 132 points at 4,875.

The Shanghai Composite Index in China fell below the 3,000 levels for the first time since October 30. The slide was led by the banking stocks which witnessed huge selling on account of lending curbs. In addition raw- material producers also slid.

The Shanghai Se Composite index declined 1.2% to 2,985. The index also slipped below its 200-day moving average for the first time in 2-years.

Else where in Asia, the Nikkei index in Japan was down 0.8%, Hang Seng index in Hong Kong was down 0.3% while the S&P/ASX 200 index in Australia was down 1.6%.

Shares of ITC has managed to hold its ground in a declining market, the stock has added 1% to Rs257 in comparison with a 2.1% drop in the benchmark indices.

The scrip opened at Rs253 it touched an intra-day high of Rs259 and a low of Rs253 and has recorded volumes of over 5.8mn shares on NSE.

Shares of Power Grid are trading firm in a falling market. The stock has gained 1.2% to Rs116 as compared to a 2% drop in the benchmark indices.

The scrip opened at Rs115 it touched an intra-day high of Rs117 and a low of Rs113 and has recorded volumes of over 2mn shares on NSE.