Benchmark indices were under pressure in early trade Thursday, with realty and capital goods shares figuring among the key laggards. The Sensex was down 185 points at 18616, and the Nifty was down 60 points at 5612.

Brokers said the biggest worry right now is the slowdown in foreign fund flows. With market operators and high networth individuals having lost heavily in the midcap carnage over the last couple of months, there were no strong hands to absorb selling by foreign funds, they said.

Market breadth was negative with declining stocks outnumbering gainers nearly 4 to 1. Adani Power share markets were flat after gaining around 9 percent on Wednesday. Investors are worried that State Electricity Boards may contest the CERC order awarding a tariff compensation to the company.

After a steady performance in the last few sessions, midcaps once again are being targeted by bears. Core Projects, HDIL and Opto Circuits were down 2-3 percent. Gainers included M&M Financial Services, GAIL, Indraprastha Gas and Crompton Greaves, up 1-2 percent.

GLOBAL MARKETS ROUNDUP

Asian stocks eased on Thursday after weak data stoked concerns the key American jobs report due later in the week will signal slowing U.S. growth, while the yen remained firm ahead of the Bank of Japan’s policy decision this session.

The yen held near one-month highs against the dollar early in Asia on Thursday, with investors adopting a cautious stance as they waited to see just how aggressive the Bank of Japan will be in tackling deflation.

Oil prices fell 3 percent on Wednesday in the steepest daily drop in five months, as U.S. crude inventories rose to their highest since 1990 and as weak economic data weighed on the outlook for demand.

Prices for U.S. Treasuries gained on Wednesday after tepid jobs and service sector data dampened hopes for strong numbers from Friday’s key labour market report, driving investors to safe havens.

LOCAL MARKETS PREVIOUS CLOSE
* BSE index 18,801.64 (-1.26 pct)
* NSE index 5,672.90 (-1.31 pct)
* Rupee 54.43/44 per dollar (54.26/27)
* 10-year bond yield 7.96 pct (7.99 pct)
* 5-year OIS rate 7.22 pct (7.23 pct)
* 1-year OIS rate 7.42 pct (7.45 pct)
* Call money 6.7/6.75 pct (7.5/7.6 pct close)