The market remained under pressure, though it showed some bit of recovery in morning trade. The 30-share BSE Sensex fell 348.88 points or 1.26 percent to 27258.94 and the Nifty dropped 106.20 points or 1.27 percent to 8266.55. The broader markets too slipped in-line with benchmarks. The BSE Midcap and Smallcap indices declined 1.3 percent each.
Nearly four shares declined for every share advancing on the Bombay Exchange. Infosys and TCS bucked the trend, rising over a percent. Lupin also gained 0.7 percent as Bank of America Merrill Lynch raised target price to Rs 2020 from 1800 and also upped earnings per share FY16/17/18 estimates by 2 percent/2 percent/3 percent, to factor in higher INR/USD (Rs 64.5/Rs 64/Rs 64 against earlier estimates of Rs 62 each.
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