Nifty struggles below 8000, Sensex weak; Bharti falls 2%

Moneycontrol Bureau11:55 am Result poll: Pharma company Cipla is expected to report robust earnings for July-September quarter, driven by export formulation business. Profit is likely to surge 74.4 percent year-on-year to Rs 520.9 crore, aided by operational performance. It will announce its earnings on November 5. Revenue is seen rising 28.7 percent to Rs 3,562.7 crore in quarter ended September 2015 compared to Rs 2,767.3 crore in year-ago period.

Nexium (used to treat certain stomach and esophagus problem) & Pulmicort (used to prevent asthma attacks) supply may boost company's export formulation business during the quarter. Hence, export formulation business may grow around 35-40 percent year-on-year.11:45 am market outlook: About 35 of 50 Nifty companies have reported results so far representing 75 percent of market cap. Headline sales are down 5 percent and profit after tax is up 3 percent and hence the weakness continues, but adjusted for sectors seeing acute deflation like metals and oil, sales/profit after tax grew 9 percent and 8 percent year-on-year, in line with Q1 trends, says Neelkanth Mishra, Credit Suisse.11:30 am World view: With Federal Reserve chair Janet Yellen saying that December would be a "live possibility" for a rate hike if the upcoming data are supportive, emerging market currencies can see downward pressure, says Xavier Denis, global strategist, Societe Generale Securities. However, equities in the region on the other hand will react more to earnings, which has not been too bright, he says. According to him, the outlook for equities is mixed. In the near-term though, he says equities in EM can see additional upside in the coming weeks, but a lot will deoend on data coming out of China.Don't miss: Drought in state impacted loans: Bank of Maharashtra

The market continues to reel under pressure, as the the Sensex is down 130.83 points or 0.5 percent at 26422.09, and the Nifty down 45.40 points or 0.6 percent at 7994.80. About 751 shares have advanced, 1388 shares declined, and 91 shares are unchanged.

Hero MotoCorp, Coal India, NTPC, HUL and Maruti are top gainers while Bharti Airtel, Tata Steel, Vedanta, Sun Pharma and Axis Bank are losers in the Sensex.

Gold held near a one-month low and looked likely to drop below the USD 1,100-an-ounce level after Federal Reserve Chair Janet Yellen bolstered market expectations for a US interest rate hike in December.

Yellen pointed to a possible December interest rate lift-off and laid out what now appears the base case at the US central bank - that low unemployment, continued growth and faith in a coming return of inflation means the country is ready for higher interest rates. Other Fed officials also voiced similar opinions, sending non-interest-paying bullion lower for a sixth straight session on Wednesday.