The market recovery over the last two days has proved to be a sharp pull back and not a major recovery. The indices have lost substantially today on the back of a global equity sell-off. All Asian markets are trading with significant losses following one of the worst declines in US indices in nearly three years.

The Sensex opened at 12164 and touched a low of 11652. The index is trading lower by 564 points at 11654 at 11.10 AM.

Nifty opened at 3636, touched a low of 3476 and is trading lower by 157 points at 3478.

Today's decline is even worse than last Monday's fall and is the worst intra-day fall in the last two years. The fall is so severe and across the board that not even a single index stock is trading with gains.

Metal stocks have been knocked out of shape in early trades as international product prices have once again turned weak. Most of these stocks had recovered substantially yesterday after incurring heavy losses earlier in the week.

Hindalco is the biggest loser among index stocks, trading more than 8.5 per cent lower. Nalco has given up over 6.5 per cent. Among other non-ferrous metal stocks, Sterlite has given up close to 10 per cent.

Among steel stocks, SAIL is trading nearly 8 per cent lower. Tata Steel, which is due to announce results shortly, is trading more than 6 per cent lower.

Among the heavyweights, ONGC has given up more than 4.5 per cent after yesterday's spectacular recovery. Reliance Industries is trading more than 4 per cent lower.

RPL has come under pressure again and is trading over 4 per cent lower. Among other refinery stocks, Essar Oil has shed close to 10 per cent while MRPL is trading over 7 per cent lower.

Among other stocks in the oil and petrochemicals sector, IPCL is trading nearly 7.5 per cent lower.

Cement stocks are under heavy selling pressure today. ACC and Gujarat Ambuja Cements have given up nearly 6 per cent while Grasim is trading over 5 per cent lower.

Telecom stocks are also under high pressure. MTNL has given up more than 7.5 per cent while VSNL is trading over 6 per cent lower.

Tata Motors is the biggest loser among auto stocks, trading more than 6 per cent lower. Maruti has also shed over 6 per cent while M&M has given up over 5.5 per cent.

Among two-wheelers, both Bajaj Auto and Hero Honda have given up nearly 4.5 per cent each.

Among banking stocks, ICICI Bank has given up close to 4 per cent while HDFC Bank is trading nearly 3 per cent lower. SBI is trading nearly 6 per cent lower.

Technology stocks are better off, though they are also lost significantly. Satyam has lost nearly 4 per cent while Infosys, TCS and Wipro have lost close to 2.5 per cent each.

Mid-caps are also under heavy selling pressure in early trades. Most of the stocks which had recovered yesterday have given up most of their gains. The index is trading with losses of more than 4.5 per cent. Market breadth on the NSE is highly negative with nearly 16 stocks declining for every advancing stock.

Dewan Housing, JBF Industries and Adani Exports are among the major gainers in mid-caps.

Mahindra Gesco, Crew BOS, Bindal Agro, India Cements and Shah Alloys are among the mid-cap losers.