MUMBAI: The S&P BSE Sensex extended intraday losses and was hovering near 19,500 level ahead of the current account deficit (CAD) data and weak cues from Asian peers.

According to ET Now Poll estimates, India's CAD for 1Q FY14 is likely to be at $23 billion vs $18.1 billion, Q-o-Q. According to analysts, weak rupee and GDP growth contraction are likely to impact CAD.

"Traders will be eyeing the current account deficit (CAD) data to be released by RBI later in the day, which may have widened to 4 percent of GDP in the first quarter due to a surge in gold imports and a deteriorated trade gap," said LKP Securities report.

"Government aims to contain current account 3.7 percent of GDP for the entire fiscal. The oil companies will be reacting to the draft report of the panel of experts led by former Planning Commission member Kirit S Parikh who suggested continuation of the current system of calculating revenue losses on the basis of trade parity and has asked to deregulate diesel prices in two years," the report added.

At 10:30 a.m.; the 30-share index was at 19,509.76, down 217.51 points or 1.10 per cent. It touched a high of 19,651.31 and a low of 19,495.24 in trade today.

The Nifty was at 5,767.45, down 65.75 points or 1.13 per cent. The index touched intraday high of 5,810.20 and a low of 5,763.80

"The trend deciding level for the day is 19,794 / 5,854 levels. If indices trade above these levels during the first half-an-hour of trade then we may witness a further rally up to 19,914 - 20,102 / 5,889 - 5,944 levels. However, if they trade below 19,794 / 5,854 levels for the first half-an-hour of trade then it may correct up to 19,607 -19,487 / 5,799 - 5,764 levels," said Angel Broking note.
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