Sensex falls over 100 pts; banks drag, ONGC supports - Moneycontrol.com

10:00

Moneycontrol Bureau 10:50am Market Update: The Sensex fell 187.09 points to 27547.93 and the Nifty declined 63.55 points to 8334.75.

About 589 shares have advanced, 1501 shares declined, and 126 shares are unchanged on the BSE.

10:40am Oil Update: Oil prices on Friday edged down from 2015-highs reached in the previous session, but prices remained on track for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments.

Crude prices on both sides of the Atlantic have surged almost USD 10 a barrel this month amid rising tension in the Middle East, while slowing US production growth and signs of stronger global demand have also provided support.

Brent crude for June delivery was down 30 cents at USD 64.55 a barrel by 0421 GMT, after settling USD 2.12 higher on Thursday. The benchmark touched its highest since Dec. 10 at USD 65.58 on Thursday.

US crude for June delivery dropped 36 cents to USD 57.38 a barrel, after settling up USD 1.58. The front-month contract hit a 2015-high of USD 58.41 on Thursday and is on course for its sixth straight weekly gain.

10:20am Market Expert: The market sentiment continues to be bearish and it could see further correction, says CK Narayan of Growth Avenues. Narayan expects the Nifty to fall to 8200-8250.

In an interview to CNBC-TV18, Narayan says the market is grabbing onto every bad news that's coming its way and using that as an excuse to fall further.

Furthermore, he advises investors to sell the Bank Nifty on rallies as it is continuing to trail the Nifty.

Narayan says M&M Finance and L&T Finance surprised the market with its Q4 results and both are good stocks to park funds in for the short-term.

10:00am Market Check

The market extended losses with the Sensex falling 116.97 points to 27618.05 and the Nifty losing 45.70 points to 8352.60, dragged by banking & financials, infrastructure and select auto stocks.
 
The broader markets declined too, the BSE Midcap & Smallcap slipped 0.6-1 percent. About 590 shares have advanced, 1275 shares declined, and 121 shares are unchanged on the BSE.

Shares of HDFC, Infosys, Axis Bank, L&T, Maruti Suzuki, HUL, M&M, Cipla and Bajaj Auto dropped 1-2 percent followed by ICICI Bank and HDFC Bank with marginal loss.

However, ITC and ONGC bucked the trend, rising over a percent.

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