Sensex extends losses, Nifty breaks 8900 amid consolidation

Epic Update GMR InfrastructureEpic Update GMR Infrastructure
The market continues to remain subdued after in late afternoon trade, with banks and auto stocks dragging the indices.
The Sensex was up 38.63 points at 28931.60 on the BSE, while the Nifty was down 10.55 points at 8928.95. The market breadth continued to remain narrow, with 1,324 shares having advanced, 1,336 shares having declined, while 220 shares remained unchanged.
Reliance, Infosys and Aurobindo Pharma were top gainers on the indices, while Bharti Airtel, Axis Bank and Zee Entertainment were the top losers.
GMR Infrastructure was higher by 5.4 percent intraday after its subsidiary converted its debt into equity by allotting equity shares to the lenders. The consortium of lenders of GMR Chhattisgarh Energy (GCEL), subsidiary of GMR Infrastructure, adopted strategic debt restructuring plan (SDR), under which GCEL has allotted equity shares to all the lenders.
Meanwhile, Indian Oil Corporation fell over 2 percent intraday, following reports of withdrawal of tax sops at its refinery. The Odisha government, on February 22, withdrew tax incentives to the mammoth Rs 34,555 crore worth Paradip refinery, news agency PTI reported. This has made the oil PSU reconsider its plans to invest another Rs 52,000 crore in the state.
The big index-mover, Reliance, soared over 6 percent intraday after Morgan Stanley upgraded its target price citing not just better telecom business, but also an improvement in energy segment as well.
Meanwhile, on the global markets front, European indices have opened in the green, with FTSE, CAC and DAX trading higher around 0.30 percent.

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Sensex, Nifty hold morning gains; Ambuja Cements, ACC rally Nifty hovers around 8800 as investors await RBI policy; ITC up
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