At 0956 hrs (IST), Sensex was down 1507 at 17544 and Nifty was down 524 points at 5143.
Analysts and market watchers say if markets go down 15 per cent before 1300 hrs (IST), there will be a two hour halt in the trading.
Moneycontrol.com reports markets opened with huge gap down and locked in the down circuit in the opening trade. This took place on account of proposed restrictions on participatory notes by the SEBI.
Broad based selling took place in the opening trade and the markets got locked in the down circuit.
Asian Markets are also trading weak in the morning segment.
Japan's Nikkei tumbled 1.05 per cent or 179.52 points at 16,958.40, Hong Kong's Hang Seng plunged 0.62 per centor 179.76 points at 28,774.79, South Korea's Seoul Composite was down 1.77 per cent or 35.43 points at 1,970.33, Singapore's Straits Times declined 0.78 per cent or 29.91 points at 3,780.81 and Taiwan's Taiwan Weighted fell 0.24 per cent or 22.55 points at 9,569.92.
US Stocks: The Dow Jones industrial average plunged 71.86 points, or 0.51 per cent, to 13,912.94, after falling more than 100 points earlier in the session. The Standard & Poor's 500 index fell 10.18 points, or 0.66 per cent, to 1,538.53, and the Nasdaq composite index dipped 16.14 points, or 0.58 per cent, to 2,763.91.
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