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Markets have extended losses in late morning trades on continued pressure in consumer durables and realty shares. BSE Sensex, after opening in the green, slumped to a low of 18,724. The index is now down 69 points at 18,724. Nifty is down 12 points at 5,646.
"Nifty is in a downtrend fom short term as well as medium term perspective. It has broken down from a large H&S pattern - a bearish pattern. However there is scope for a minor degree bounce till 5690 - 5700 which should be used as a fresh selling opportunity. Reversal can be placed at 5760, targets would be 5550 - 5500," said Gaurav Ratnaparkhi, technical analyst, Sharekhan.
The rupee today rose marginally by two paise to 54.26 against the dollar in early trade at the Interbank Foreign Exchange on increased selling of the US currency by exporters.
From the sectoral pack, BSE bankex was flat at 12,899. Power and auto shares were unchanged as well. However, the consumer durables index is down 2.2% at 6,815. Realty, PSU and IT shares have taken the indices down 0.8-1.3% each.
Broader markets were down as well. BSE mid cap index has slipped 0.7% at6049. Small cap index has dropped 1% to 5768.
Shares of NMDC fell 0.4% after two bulk deals were executed on the counter in early trade on BSE today. NTPC rose 1.3% after a large bulk deal was struck on the counter on BSE.
Shares of steel major SAIL today lost 0.5% as government's 5.82% stake sale of the firm commenced on the bourses.
Fertiliser shares have slipped this morning on news that the subsidy payment is likely to remain outstanding this fiscal year. Rashtriya Chemicals and Fertilisers is down 2.7% at Rs 36. National Fertiliser has slumped 3.7%. Gujarat State Fertilisers is down 0.8% at Rs 59.10. Zuari Agro is down 2.5% while Coromandel International, Chambal Fertilisers has slipped marginally.
