Morning Summary, Market Synopsis: June 3, 2015

Sensex falls over 130 points, Nifty below 8,200: Markets have extended yesterday’s losses and have opened lower weighed down by FMCG major ITC and bank shares. At 9:46 AM, the 30-share Sensex was down 142 points at 27,045 and the 50-share Nifty was down 48 points at 8,188. Indices slumped almost 2% yesterday even as the rate cut by the RBI was in line with street expectations, as downgrade of monsoon forecast raised fears of higher inflation adding to the uncertainty of further easing of key policy rates in the near future. The India Meteorological Department (IMD) on Tuesday revised its projection of the 2015 monsoon from slightly less than normal to deficient as the El Niño weather phenomenon gained strength, pushing parts of the country to the brink of an expected drought.