Nifty still below 7700, Sensex struggles; Bharti, SBI gain 1%

Moneycontrol Bureau10:45 am Result poll: Titan is expected to report net profit at Rs 209 crore in January-March quarter, falling 3 percent from Rs 215 crore in corresponding quarter last fiscal. According to a CNBC-TV18 poll, the watch and jewellery company is likely to see revenue up 12.5 percent at Rs 2811 crore in Q4FY16 against Rs 2496 crore in year-ago period.

During the period, EBITDA is seen up 5.5 percent at Rs 285 crore compared to Rs 270 crore while EBITDA margins may stand at 10.1 percent versus 10.8 percent year-on-year.

Analysts polled by CNBC-TV18 are divided over jewellers strike impact in the numbers. While some believe there will be little adverse impact, some others say impact could be more severe.

10:30 am Boardroom: Giving an outlook for the company, Prabodh Agarwal, Group CFO of IIFL said that there has been a slowdown in the mutual fund distribution business but the company has coped well with changes in mutual fund fee structure.

Speaking on IIFL’s deal with General Atlantic, he said that Rs 904 crore has been received from it as of now and the benefits from it will reflect in FY17.

NBFC, wealth business will see steady growth going forward, he added.

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The market is still struggling as the Sensex is down 139.95 points or 0.5 percent at 25122.26. The Nifty down 39.00 points or 0.5 percent at 7696.50. About 703 shares have advanced, 993 shares declined, and 92 shares are unchanged.

Bharti, SBI, ICICI and Axis Bank are top gainers while Adani Ports, Dr Reddy's Labs, ONGC, BHEL and Tata Steel are losers in the Sensex.

Oil prices dipped, dragged down by a surging dollar that at least temporarily outweighed supply disruptions in North America, where a massive wildfire was threatening Canada's huge oil sands operations.

The dollar firmed against the euro and yen ahead of the April US nonfarm payrolls due later in the day that could support the greenback.