Nifty hovers around 8650, Sensex weak; ICICI Bank, L&T plunge

Equity benchmarks continued to trade lower with the Sensex falling 91.13 points to 28117.49 and the Nifty declining 15.15 points to 8651.15.



The market is consolidating around 8650 level today as investors waited for the next trigger - GST Bill that is likely to be cleared in the Monsoon Session of Parliament, especially after looking at the efforts of the ruling party to clear demands made by oppositions.


The broader markets continued to outperform with the BSE Midcap and Smallcap indices rising 0.5-0.8 percent. About 1223 shares advanced against 945 declining shares on the exchange.



ICICI Bank and L&T fell more than 3 percent and 1 percent ahead of quarterly earnings, respectively. A CNBC-TV18 poll expects the bank to report 28 percent decline in profit on yearly basis while in case of L&T, investors will closely watch company's FY17 guidance due later today.