According to reports, the fall in the US government debt led to Indian shares declining in open trade, as the barometer index BSE Sensex and the 50-unit S&P CNX Nifty had their lowest level in almost 14 months.

Also, the Sensex fell under the psychological 17,000 level, as Asian stocks fell on Monday, the 8th of August 2011 as well as US index futures being majorly lower, as investors were shocked by a downgrade of the long-term US sovereign rating, by rating agency Standard & Poor's from AAA to AA+, which had negative view on Friday, the 5th of August 2011.

All the parts of the 30 share Sensex pack dropped, as index heavyweight Reliance Industries lost more than 2.5% to fall at a 52 week low of Rs. 767.15 in intraday trade today, the 8th of August 2011.

However, metal stocks extended Friday's fall based on concerns about the ‘global economic slowdown’, which might limit demand, and LMEX, a ‘gauge of six metals’ traded on London Metal Exchange, dropped at 3.68% to $3,942.60 on Friday, the 5th of August 2011.

Moreover, the ‘market breadth’ is said to suggest that the general health of the market was majorly weak, as 1,561 BSE shares fell while only 161 shares had gains, and a total of 43 shares were still unchanged.