The key benchmark indices were trading lower on heavy selling by funds following a weak global trend.
Selling pressure has emerged across most sectors and power, capital goods and pharma lead the decline.
At 11:38 a.m., the Sensex was down 45.10 points at 9,191.18 levels and the Nifty has slumped 13.45 points to 2,810.50 levels.
Mr. Shrikant Chouhan, technical analyst, Kotak Securities, said, “The overall breadth of the market remains weak but if the Nifty is able to sustain above 2,790 then it may reach 2,925 levels also.”
It would be quite good to know that India might continue to maintain growth rate of 7-7.5 per cent next fiscal, the same level it is expected to register in the current fiscal. The news comes when lower growth projection of 8 per cent in 2009 by our neighbor China was termed as a tall order. 
Foreign minister Pranab Mukherjee, on his first day in the finance ministry, expressed satisfaction over credit policy adopted by RBI and said economic booster released by government is working well and yield more results very soon. He also reviewed the preparation of the vote-on-account, to be present in the forthcoming session of Parliament, with top officials of finance ministry, all the secretaries in the ministry, chairman and members of the Central Board of Direct Taxes and the Central Board of Excise and Customs.
The Union Government has finally announced hike in minimum support price of Wheat to Rs 1080 per quintal, ahead of harvesting season of rabi crops. The decision, to revise MSP, was taken in the recent meeting of the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, chaired by Finance Minister Pranab Mukherjee, in the absence of Prime Minister Manmohan Singh. The hike of 8 per cent in wheat prices, despite reservation by Planning Commission and Finance Ministry, would effective on crop marketed from April onward. 
After trading flat during the previous trading hour, the Sensex bounced back into the positive zone on the back of buying action witnessed across frontliners. 
Stock market analysts have suggested investors to ‘sell’ ICICI Bank stock with a target of Rs 397 as the stock is experiencing heavy selling pressure at higher levels.
