Sensex Slips Into Red, Nifty Flat Jet Up 3%, M&M Falls 1%

The market is slipping into red. The Sensex is down 27.28 points at 27862.85 and the Nifty is up 4.20 points at 8433.90. About 1382 shares have advanced, 735 shares declined, and 128 shares are unchanged. M&M, Wipro, Sun Pharma, NTPC and SBI are losers while Tata Steel, Maruti, Coal India, Tata Power and HUL are gainers in the Sensex. 10:30 am Weak monsoon: Hours after the official forecast suggested "below normal" monsoon this year, domestic rating agency Crisil on Wednesday said a second straight year of weak rains will dent its 7.9 percent GDP growth estimate by 0.50 percent . 

"According to our calculations, a deficient monsoon, if it comes true, will shave off 0.50 percent from our GDP forecast of 7.9 percent for fiscal 2016." A weak monsoon will decrease the efficacy of India's irrigation ecosystem and hit the agricultural output and farmers adversely. The Indian Meteorological Department (IMD) said the country is likely to witness a "below normal" monsoon this season because of the El Nino phenomenon.

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