Markets remain weak though the indices have recovered a small part of their early losses. Asian markets, except Shanghai and Thailand, remain weak in afternoon trades while Europe has opened lower.

Sensex is trading lower by 185 points at 13675 at 01.10 PM.

Nifty is now trading lower by 49 points at 3934.

Technology stocks remain weak in early afternoon trades. Satyam is the worst performer, down nearly 3.5 per cent. TCS has lost 3 per cent while Wipro is down nearly 3 per cent. Infosys has come off its lows, but is still down more than 2.5 per cent.

Among auto stocks, Maruti is down 3 per cent while Tata Motors is trading well over 2.5 per cent lower. Bajaj Auto has lost over 2 per cent.

Jet Airways has slipped more than 2 per cent despite the subdued trend in oil prices.

Siemens is the worst performer among engineering stocks, down nearly 2.5 per cent.

HLL remains weak by almost 2.5 per cent.

MTNL has rallied after a firm start and is the best performer among index stocks with gains of over 4 per cent.

ONGC has come off its early highs, but is still trading over 1.5 per cent higher.

Among other oil and gas stocks, BPCL is trading nearly a per cent higher and HPCL has added close to 0.5 per cent. Gail has gained well over a per cent.

VSNL has recovered and is now trading over 0.5 per cent higher.

IPCL has also gained strength and is now trading nearly a per cent higher.

OBC is trading with modest gains.

Mid-caps have recovered part of the losses and small caps have gained further in early afternoon trades. The NSE mid-cap index is now trading with losses of over 0.85 per cent. BSE mid-cap index is trading 0.35 per cent and the BSE small-cap index is trading with gains of nearly 0.85 per cent. Market breadth on the NSE is modestly positive in early afternoon trades.

Gitanjali Gems, Zandu Pharma, Cinevistas and SPIC are locked in 10 per cent upper circuits.

Datamatics Technologies, Kinetic Motor, Muktaa Arts, Gujarat Ambuja Exports, Gangotri Textiles and Revathi Equipment are among the major mid-cap gainers.

Indiabulls has come under pressure and has lost 5.5 per cent.

Nissan Copper remains locked in the 5 per cent down circuit.

Nova Petro, TTK Prestige, Kesar Enterprises, Shree Renuka Sugars and Geodesic Information are the major mid-cap losers.