MUMBAI (Reuters) - The Nifty cut losses of as much as 1.3 percent earlier in the day after state-run Life Insurance Corporation of India started buying shares, said three dealers handling trades for institutional clients.
"Market is seeing aggressive support (for NSE) at 8,000 levels from LIC. Hopefully, downside looks minimum from today's low," a dealer with a domestic broker told Reuters.
An LIC spokesman said the insurer does not comment on market speculation.
LIC, a government-run entity, is known to support domestic share markets at times of hefty falls.
The Nifty was down 0.4 percent after earlier falling as much as 1.3 percent to its lowest intraday level since Oct. 21.
The BSE Sensex was down 0.3 pct after earlier falling as much as 1.1 percent.
(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
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