Monsoon forecast pinches, Nifty below 8300, Sensex drags

1:50 pm Market check: The market has skid sharply after the MET department released its first monsoon forecast for the year 2015. According to Earth Sciences Minister, there is a 28 percent probability of rainfall being normal in 2015.

The Sensex is down 237.74 points or 0.8 percent at 27438.30 and the Nifty is down 82.40 points or 0.9 percent at 8295.35.  About 1042 shares have advanced, 1544 shares declined, and 168 shares are unchanged.

Wipro, ONGC,Tata Motors, SBI and ICICI Bank are major losers in the Sensex.

1:30 pm Big deal: Drug major Sun Pharmaceutical said its promoter and Managing Director Dilip Shanghvi did not buy shares of the company sold by the Japanese drugmaker Daiichi Sankyo.

“Dilip Shanghvi has neither purchased nor agreed to purchase any shares of our company in the said transaction,” Sun Pharma said in a BSE filing today.

The company was clarifying on speculations that Sanghvi, who holds 9.61 percent stake in Sun Pharma, had bought shares when Daiichi Sankyo exited from the Indian firm.

According to the data available on BSE, as on April 10, promoter shareholding in Sun Pharma stood at 54.71 percent .

Don't miss: Analysts cut target price of Wipro; stock falls 4% post Q4

The market is marginally in the green . The Sensex is up 28.77 points at 27704.81 and the Nifty down 1.30 points at 8376.45. About 1317 shares have advanced, 1161 shares declined and 161 shares are unchanged.

HUL, Hero Motocorp, M&M, HDFC and Dr Reddy's Labs are top gainers in the Sensex. Among the losers are Wipro, ONGC, SBI, Infosys and Tata Motors.

Amid a weakening global trend, gold futures traded Rs 96 down at Rs 27,007 per 10 gm as speculators reduced their positions. Gold for delivery in far-month August contracts dropped by Rs 96 or 0.35 per cent to Rs 27,007 per 10 gm in a business turnover of one lot at the Multi Commodity Exchange.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas and profit-booking by speculators. For More information please visit this site www.bigprofitbuzz.com