Markets extend losses; Nifty breaks 8,350

Banking and capital goods stocks are dragging the indices lower in the mid-morning session.

The markets have extended their losses in late morning trade weighed down by  banking and capital goods shares along with Infosys which is slated to annouce its March quarter earnings shortly.

At 11.35am, the Sensex is quoting at 27,560, weaker by 174 points or 0.6% and the Nifty is at 8,326, down by 71 points. There is under-performance in the broader market space, the midcap and smallcap indices have shed more than a percent each at 10,455 and 11,104 respectively.

"For the Sensex resistance is at 27781 above 28064 while support is at 27645 below 27479 and 27439. For the Nifty resistance is seen at 8408 above 8434 and 8479.  Support is at 8367 below 8362, 8350, 8333 and 8309," Geojit BNP Paribas Financial Services said in a technical note.

Sectors & Stocks

All the sectoral indices are in the red, with the exception of the FMCG space.

In the banking space, Axis Bank has shed 2.9% at Rs 522, Yes Bank and Kotak Mahindra haev shed more than 2% each, while ICICI Bank and HDFC Bank have lost nearly a percent each. In the PSU banking space, SBI has weakened by 0.5% at Rs 275, while Bank of India, Bank of Baroda and Canara Bank have lost around 2% each.

In the capital goods space, SKF India, L&T, BEML and ABB India have lost 1-3% each.

The IT heavyweight Infosys is trading at Rs 2099, lower by 1.1%, on the BSE ahead of its results schedueld to be announced during the course of the day.

On the other hand, the FMCG index is marginally in the green, with ITC, Marico and Colgate adding between 1% and 3% each.

The market breadth is negative, with 533 advancing stocks as against 1754 declines.