MUMBAI: Markets were off lows but still in the red as low level buying emerged after a poor start. The decline led by IT, metals and capital
goods space while realty sector capped the losses. The market is likely to take cues from the domestic GDP data to be announced later in the day.

“US markets closed in the red and Asian markets too are negative. Asian stocks fell, led by mining companies and Japanese exporters, as the Democratic Party of Japan’s election victory drove the yen higher and Chinese companies reported lower profit. India’s GDP numbers are slated to come out today and we believe that growth will beat the street’s expectations of 6.2%. We expect our market to open down but see a recovery from lower levels. We are positive for the day,” said Religare Securities report.

At 10:50 am, National Stock Exchange’s Nifty was at 4674.50, down 57.85 points or 1.22 per cent. The index touched an intra-day high of 4730.85 and low of 4662.

Bombay Stock Exchange’s Sensex was at 15732.83, down 189.51 points or 1.19 per cent. The index touched an intra-day high of 15818.31 and low of 15696.66.

BSE Midcap Index was down 0.11 per cent and BSE Smallcap Index was up 0.29 per cent.

Amongst the sectoral indices, BSE IT Index was down 2.17 per cent, BSE Metal Index declined 1.58 per cent and BSE Capital Goods Index slipped 1.29 per cent. BSE IT Index was up 1.11 per cent.

"Trend deciding level for the day is 4709 / 15848. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4767 – 4802 / 16032 - 16142. However, if Nifty trades below 4709 / 15848 for the first half-an-hour of trade then it may correct up to 4675 / 15738," said Angel Broking note.

Nifty gainers were Cairn India (3.48%), Unitech (2.93%), DLF (1.69%), Siemens (1.42%) and BPCL (0.91%).

Losers were Sterlite Industries (3.35%), Larsen & Toubro (-3.14%), Infosys Technologies (-3.06%), TCS (-2.72%) and Hindalco Industries (-2.61%).

Cairn India has started oil production from Mangala field in Rajasthan. The company will ramp up oil production up to a peak of 175000 barrels of per day over the next two years.

Larsen & Toubro (L&T) plans to exit from its investment in Mahindra Satyam, formerly Satyam Computer Services, once the lock-in period expires in October, and is aiming to complete the transaction by the end of the current fiscal. The country’s largest engineering company expects to make a profit of up to Rs 250 crore from its 12% stake in Mahindra Satyam.

Market breadth on BSE showed 1210 advances against 948 declines.

China's main stock index fell more than 5 percent on Monday to a three-month low, breaking below the key 125-day moving average used by Chinese investors to delineate a bull versus a bear market, as a series of negative factors has relentlessly weighed down the market since early August.

US stocks mostly slipped on Friday after a weak consumer sentiment report offset positive news from bell ethers Dell Inc and Intel Corp. The Dow Jones Industrial Average declined 36.43 points, or 0.38 per cent, to end at 9,544.20. The Standard &Poor's 500 Index lost 2.05 points, or 0.20 per cent, to 1,028.93. But the Nasdaq Composite Index inched up 1.04 points, or 0.05 percent, to close at 2,028.77.