Nifty still below 7850, Sensex wobbles; Bharti, HUL laggards

Moneycontrol Bureau10:55 am MSCI readjustments: US index provider MSCI announced changes to a number of its index funds on Thursday, including adding four securities and removing one from its US large-cap index.

Additions to that group included Tyson Foods, Edwards Lifesciences and Equinix, the three largest.

MSCI also added significantly to its China A Index, incorporating 30 new securities and removing 14. The three largest additions were Beijing Xinwei Telecom, SDIC Essence Holdings Co and Zhejiang Zheneng Electric.

The index provider serves 97 of the top 100 largest asset managers, according to its client research from June 2015 and P&I data as of December 2014.

10:30 am Result poll: Cadila Healthcare is likely to report net profit at Rs 375.4 crore in January-March quarter, up 7.2 percent from Rs 350.4 crore in corresponding quarter last fiscal. According to a CNBC-TV18 poll, the pharma company's revenue in Q4FY16 may rise 9.5 percent at Rs 2504 crore against Rs 2288.2 crore in year-ago period.

During the quarter, EBITDA may increase 11 percent to Rs 551 crore compared to Rs 496 crore while operating profit margin may stand at 22 percent from 21.7 percent year-on-year.

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The market is still dragging with weakness in banks, capital goods, IT and metals. The Sensex is down 232.77 points or 0.9 percent at 25557.45, and the Nifty down 67.50 points or 0.8 percent at 7832.90. About 670 shares have advanced, 994 shares declined, and 96 shares are unchanged.

Adani Ports, Tata Motors and Asian Paints are top gainers while Dr Reddy's Labs, Bharti Airtel, HUL, ICICI Bank and Tata Steel are losers in the Sensex.

Crompton Greaves Consumer Electricals, demerged from Crompton Greaves which deals in consumer products business is listed today with gains. Last year, investors in the consumer products business of Crompton Greaves sold their entire stake at a value of Rs 93 per share.

Oil prices dipped in early trading as a stronger dollar weighed and Russia warned that a global crude supply overhang could last into next year.

The dollar has recovered 2.46 percent in value from May lows against a basket of other leading currencies , reversing an almost 8-percent fall earlier in the year.

A stronger dollar, in which oil is traded, makes fuel imports more expensive for countries using other currencies, potentially hitting demand.