Nifty struggles below 8250, Sensex wobbles; NTPC, Reliance up 2%

Moneycontrol Bureau11:55 am FII view: An economic recovery is firmly underway and finally showed in March quarter numbers but that a lot of it is already in the price, says Neelkanth Mishra, Head - Equity Strategy, India, Credit Suisse.In an interview with CNBC-TV18, Mishra said economic recovery had proceeded from being "green shoots" to "shrubs" now and this would show up in about 15 percent growth in earnings for fiscal year 2016-17."But is this the roaring bull market that people have been waiting for where you could buy the public sector banks and industrials and junk stocks? We are not there yet. It is quite a while away," he said.11:45 am Buzzing: Shares of Eros International Media rallied 8 percent intrday. Shareholders are cheering up its suceess of Housefull 3 and expansion of its digital distribution. The stock gained 24 percent in last 15 days but lost 57 percent in last one year period.

The company's digital over-the-top distribution service, Eros Now, has now expanded availability of the service to the Apple TV media platform.

According to the company, its new film Housefull 3 has collected over Rs 100.03 crore across the globe in the opening weekend with Rs 73.02 crore in India and Rs 27.01 crore overseas. Produced by Sajid Nadiadwala and Eros International, directed by Farhad-Sajid, the film starring Akshay Kumar, Riteish Deshmukh and Abhishek Bachchan opened worldwide on June 3.

11:30 am Market outlook: Even as global markets have been fairly unperturbed by the upcoming referendum in Britain, which will decide the country's future in the Eurozone, Udayan Mukherjee believes it is a risk the market may be underpricing.The CNBC-TV18 Consulting Editor is in London, where he is talking to a number of investors and fund managers, regarding the market outlook, global events and 'Brexit'."If you read the press here and you talk to people, they are very concerned about the kind of growing momentum over the last few days particularly that this whole Brexit campaign has assumed," he said, but added that equities were drawing comfort from betting markets, which point to a no vote.Don't miss: Infosys dives 4% on cautious stance over cost hurting margins

The market is struggling as IT stocks exert pressure.  The Sensex is down 168.41 points or 0.6 percent at 26852.25, and the Nifty down 44.30 points or 0.5 percent at 8228.75. About 1107 shares have advanced, 925 shares declined, and 138 shares are unchanged.

NTPC, Reliance, ONGC, Tata Steel and GAIL are top gainers while Infosys, Dr Reddy's Labs, HUL, ITC and Bajaj Auto are losers in the Sensex.

Gold prices spurted by Rs 118 to Rs 29,964 per 10 gram in futures trade as speculators widened their bets taking positive cues from the global market. Analysts said fresh positions created by participants following a better trend in global market where the precious metal climbed to a three-week high as the dollar retreated on bets the Federal Reserve will keep interest rates on hold in the coming months, supported the upside in gold futures here.