Equity benchmarks continued to consolidate in afternoon trade with the Nifty hovering around 8000 level. The Sensex gained 27.37 points at 26419.75 and the Nifty rose 14 points to 8015.95. About 1143 shares have advanced, 1253 shares declined, and 105 shares are unchanged on the BSE. The Indian rupee extended losses, down 19 paise to 66.33 a dollar.
Equity benchmarks continued to consolidate after a 2-day short covering-led rally. The Sensex gained 4.75 points at 26397.13 and the Nifty rose 7.40 points to 8009.35. Some brokerages turned bearish on Indian equities. Macquarie cut year-end Nifty target to 8,700 from 9,600 to build-in lower earnings post weak Q1. Barclays, too, reduced 12-month Nifty target to 9,642 as it believes earnings recovery elusive. Globally, Asian markets continued to trade mostly lower with Shanghai down more than 2 percent on reports that Beijing may finally halt its controversial market intervention.
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