Sensex falls over 100 pts; Reliance, HUL, Sesa top gainers

The brokerage has lowered its December 2015 target for Nifty to 9200 from 9600 and Chhaochharia said the reality of slow recovery was now being acknowledged by the market.

UBS has cut earnings estimates for Nifty companies in FY16 by 6-7 percentage points over the last six months, and now expects a 10 percent earnings growth this year and 18 percent growth next year.

He said the rural slowdown was worse than expected and urban consumption also could disappointment. 

Chhaochharia expects the economic recovery to gather steam only next year.

10:00am Market CheckThe market is under selling pressure as corporate earnings for March quarter is underway. The Sensex is down 85.03 points at 28581.01 and the Nifty is down 49.00 points at 8657.70. About 787 shares have advanced, 1017 shares declined, and 135 shares are unchanged.IT stocks are in deep red dragged by disappointing March quarter results by TCS. The stock is down 4 percent while Wipro slips 2 percent. Other losers are Bajaj Auto, Axis Bank and Hero Moto. Sesa Sterlite, Tata Steel, Hindalco, Reliance and HUL are among major gainers in the Sensex.Brent crude oil prices fell over a dollar, ending a run of rallies earlier in the week, after OPEC said that its output surged in March, adding to a global glut.The Organization of the Petroleum Exporting Countries (OPEC) said that its March production jumped 810,000 barrels per day (bpd), to 30.79 bpd which is equivalent to a third of global supply. Market analysts say that volume precedes price, implying that soaring open interest indicates a rally as more traders open up new long positions in anticipation of rising prices.MSCI's broadest index of Asia-Pacific shares outside Japan slipped slightly after earlier touching its highest level since January 2008, but was still on track for a weekly gain over 1 percent. An index of Asian shares edged away from fresh seven-year highs on Friday but was still on track to score weekly gains, while the dollar languished after lacklustre US economic data made a near-term interest rate hike appear less likely.