Sensex, Nifty remain under pressure; PNB tanks 5% on Q3 nos

Moneycontrol Bureau12:55 pm FII view: Timothy Moe, Goldman Sachs says he lowers targets due to reduced earnings and limited multiple expansion for MS Asia Pac Ex-Japan.

According to him, valuations are now at the lower side of historical ranges but upside is limited as growth remains subdued. He has reduced MS Asia Pac Ex-Japan earnings growth forecast for 2016 to +1 percent from +5 percent previously.

Moe maintains overweight rating on India but change December 2016 Nifty target to 8,600.

12:45 pm New deal: Homegrown diversified group Mahindra and its newly-acquired Italian design firm Pininfarina are pitching for six to eight projects globally across different industrial sectors to offer design and business solutions.

 After the acquisition of 76.06 percent stake in Pininfarina in December last year for nearly Rs 370 crore, Mahindra Group's IT arm Tech Mahindra and the Turin-based firm are now looking to leverage each other's strength to offer complete business solutions to potential clients.

12:30 pm Result poll: State-run steel company Steel Authority of India (SAIL) is likely to disappoint analysts with its third quarter earnings. It may post loss of Rs 1,040 crore during the quarter against net profit of Rs 579 crore in year-ago period, according to analysts polled by CNBC-TV18. EBITDA loss, higher interest & depreciation cost may hit bottomline. Revenue is seen falling 14 percent to Rs 9,570 crore in quarter ended December 2015 compared to Rs 11,107 crore in year-ago period. Analysts expect volume to increase 5 percent year-on-year (up 11 percent sequentially) to 3 MT but realisations may to fall sharply on YoY and sequential basis.Don't miss: Trai's decision on data pricing shows popular will

The market is skiding further with the Sensex down 305.76 points or 1.3 percent at 23981.66. The Nifty slips 98.75 points or 1.3 percent at 7288.50. About 0 shares have advanced, 0 shares declined, and 1 shares are unchanged.

PNB is down 5 percent after it posted dismal Decemeber quarter earnings.

Crude oil prices jumped as much as 2 percent, shrugging off big drops in Japan's stock market and eroding some of the previous session's losses that were driven by festering concerns about global oversupply.

Prices on Monday were hit by a drop in US equity markets amid persistent fears about the global economic slowdown.