Nifty continues to struggle below 8100; Tata Motors falls 4%

Moneycontrol Bureau11:55 am Market extends loss: The Sensex is down 338.59 points or 1.3 percent at 26297.16, and the Nifty down 95.05 points or 1.1 percent at 8075. About 702 shares have advanced, 1529 shares declined, and 117 shares are unchanged. 11:45 am Interview: Fortis Healthcare is now in a consolidation phase and is focusing on improvement of occupancy levels and margins of its existing hospitals, according to its management.

The healthcare company will rely on brownfield expansion for driving growth and is also exploring the demerger or a possible listing of SRL Diagnostics arm, Chief Executive Officer Bhavdeep Singh told CNBC-TV18.

He said Fortis aims to for a double-digit revenue growth and EBIDTA margin improvement in FY17. In the next 3-5 years, the company expects its EBIDTA margins to expand to 20 percent from 14.6 percent, Singh said.

11:30 am Brexit fears: The United Kingdom has a certain set of risks involved depending on the outcome of the Brexit referendum and a vote in favour of exiting the European Union is likely to trigger a diminished growth  for the UK, according to James Dowey.

In an interview to CNBC-TV’s special series London Eye, Dowey, Chief Economist and Chief Investment Officer of Neptune Investment Management, told Udayan Mukherjee that the market is likely to see stagflation and depreciation in the nation’s currency.

Dowey said that right now markets are greeting a dovish Federal Reserve commentary positively.

Don't miss: Citi rates buy on Eicher Motors but will commercial vehicle biz drag?Selling pressure continues on Dalal Street with Nifty struggling below 8100. The 50-share index is down 77.90 points or 0.9 percent at 8092.15 while Sensex is down 286.20 points or 1 percent at 26349.55.

Coal India, Lupin, Dr Reddy's Labs, HUL and GAIL are gainers in the Sensex. Tata Steel is down 4 percent while ICICI Bank, Tata Steel, Axis Bank and BHEL are top losers.

Gold hit a near four week high early, supported by weaker Asian stocks as investors turned towards safe haven-assets ahead of this week's central bank meetings and Britain's June 23 referendum on its European Union membership. Asian shares and sterling skidded in early trade and the perceived safe-haven yen rose.

The safe-haven yen surged to its highest level in three years against both sterling and the euro. The dollar lost 0.4 percent to 106.60 yen, edging near one-month low of 106.26 touched last Thursday.