Nifty breaks 8800; banks gain, Infosys down 1%

Moneycontrol Bureau

11:50am Market Update: The market extended losses in late morning trade with the Nifty breaking 8800, down 35 points at 8798.85. The Sensex fell 112.67 points to 28931.77.

About 1410 shares have advanced, 1055 shares declined, and 160 shares are unchanged on the BSE. 

11:30am Market Expert: Tushar Mahajan, Hd-Listed Futures & Options, India, Nomura Financial Advisory & Sec believes the underlying trend for the market is positive and it will continue its uptrend at a slower pace but one could still see a small correction of 100-200 points on the Nifty in the next two-three days.

However, he thinks there is a good chance of Nifty dashing to 9000 levels in this series.

According to him, the upside for Bank Nifty too is capped around 19,400-19,300 levels .

11:00am Market CheckThe market is under pressure with the Sensex down 77.73 points at 28966.71. The Nifty is down 24.95 points at 8809.05. About 1343 shares have advanced, 973 shares declined, and 153 shares are unchanged.Sesa Sterlite, ICICI Bank, SBI, ITC and Maruti are top gainers in the Sensex. Among the losers are Bharti Airtel, M&M, Tata Motors, Sun Pharma and Infosys.The rupee recovered by 13 paise at 62.38 against the US dollar in early trade on Wednesday at Interbank Foreign Exchange after the Greenback weakened overseas due to disappointing American retail sales data.Forex dealers said besides increased selling of the US dollar by exporters, a higher opening in the domestic equity market, supported the rupee.Meanwhile, Asian markets were lost for direction on Wednesday after a reading on Chinese growth held up better than many had feared, only for data on retail sales and industrial output to disappoint.China’s annual economic growth did slow to a six-year low of 7 percent in the first quarter, but there was relief it matched expectations. A poor trade performance in March had stirred talk growth might fall short of the psychologically important 7 percent level.