Sensex weak in opening session

MUMBAI - A benchmark index for Indian equities Friday was ruling almost a percent lower than its previous close, about an hour into trade, after having made yet another weak start.

Global bourses have been in a tizzy with signs emerging that more European economies could be engulfed by the debt crisis triggered in Greece and endanger the economic recovery across the globe.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,939.58 points, was ruling at 16,822.80 points, 164.73 points or 0.97 percent lower than its previous close at 16,987.53 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,036.35 points, a loss of 1.07 percent or 54.5 points from its previous close at 5,124.9 points.

Broader market indices were also in the negative with the BSE midcap index ruling 1.34 percent down and the BSE smallcap index trading 1.61 percent lower.

The market breadth was tilted towards the negative with as many as 437 scrips advancing compared to 1,765 stocks declining, while 39 remained unchanged.

Selling was rampant across sectors and realty, metals, and banking scrips were among the worst hit.

Asian markets were trading in the red too, with a wave of spreading amid fears of the European debt crisis that refused to die down.

Hong Kong’s Hang Seng was trading 0.6 percent lower at 20,013.36 points, while the Chinese Shanghai Composite index was ruling 0.69 percent down at 2,720.76 points.

The Japanese Nikkei was ruling 2.75 percent down at 10,401.73 points. The South Korean Kospi too was down 1.82 percent at 1,654.03 points.