12:00
Moneycontrol BureauLive Market Commentary
12:10pm Expert Outlook
Anu Jain of IIFL feels that the Nifty is heading to 5470 level. "No buying will emerge if Nifty breaks 5500," she adds.
Jain expects banks to continue falling further. 9200 could be breached on Bank Nifty, feels Jain.
Also Read - EMs to be under pressure due to QE tapering: Kotak Inst'l
12:00pm The market remained under pressure in noon trade with the 50-share NSE Nifty falling 2.7 percent, weighed down by across the board selling.
The Sensex is down 458.94 points at 18908.65, and the Nifty is down 154.55 points at 5587.75 while the Midcap and Smallcap indices lost 1.5-2 percent.
Declining shares outnumbered advancing ones by 1346 to 525 on the Bombay Stock Exchange.
Mark Mobius of Templeton AMC feels that the market is concerned on goverment's ability to keep money flow into Indian market. India downgrade can not be ruled out, he adds.
Bank Nifty is trading at 14-month low and it marked the biggest percentage loss since July 2009, losing 4.36 percent to 9589.50.
Axis Bank , Bank of Baroda , YES Bank and Canara Bank are the prominent losers among banks while Kotak Mahindra Bank , Punjab National Bank and IndusInd Bank dropped more than 4.5 percent.
Country's largest lenders State Bank of India , ICICI Bank and HDFC Bank lost 3-4 percent.
Meanwhile, the Indian rupee recovered from its record low of 62 against the dollar. Currently it is trading at 61.68, down 25 paise compared to Wednesday's closing value of 61.43 per dollar.
Mobius believes the rupee will continue to be under pressure.
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