Nifty struggles below 8150, Sensex down; Wipro gains 1%

Tata Steel, Tata Motors, Infosys, Wipro and Dr Reddy's Labs are top gainers while ITC, Bharti Airtel, Lupin, ICICI and Axis Bank are among laggards in the Sensex.

October 08, 2015 / 12:23 IST

Moneycontrol Bureau11:55 am Market outlook: The market has been on an upmove since past six days now and this rally still has more legs, is the word coming in from Harendra Kumar of Elara Capital. This, according to him, is symptomatic of waning risk after the US Federal Reserve failed to announce an interest rate hike. Also, the India VIX is rather benign, which indicates that the market is likely to remain on the firmer side, he told CNBC-TV18. The stocks that are rallying are the ones that are linked to crude or saw the biggest sell off, he says. This trend is likely to continue for atleast the next two months, he adds.11:45 am Buzzing: Shares of DLF climbed another 2 percent in early trade Thursday ahead of board meeting for mulling long term growth and rental business plans. It was in addition to 2 percent upside in previous session. A meeting of board of directors is scheduled to be held today to consider and deliberate on recommendations, if any, of audit committee. The realty major said audit committee was authorised (on August 29, 2014) to evaluate, review and recommend various strategic and financial options to drive sustainable and long-term growth and development of rental business and resolve conflict of interest in the ownership of DLF Cyber City Developers (DCCDL) with inter-se affiliated persons/entities.

hares of DLF climbed another 2 percent in early trade Thursday ahead of board meeting for mulling long term growth and rental business plans. It was in addition to 2 percent upside in previous session. A meeting of board of directors is scheduled to be held today to consider and deliberate on recommendations, if any, of audit committee. The realty major said audit committee was authorised (on August 29, 2014) to evaluate, review and recommend various strategic and financial options to drive sustainable and long-term growth and development of rental business and resolve conflict of interest in the ownership of DLF Cyber City Developers (DCCDL) with inter-se affiliated persons/entities. Read more at: http://www.moneycontrol.com/news/buzzing-stocks/dlf-shares-gain-2-aheadboard-meet-for-rental-biz-plan_3480921.html?utm_source=ref_article

11:30 am Boardroom: Sumit Malhotra, MD of Bajaj Corp, says the second quarter traditionally is weaker than the first quarter and hence volume growth too is lower than Q1. He says the Q2 volume growth is largely driven by Bajaj Almond Drops and Brahmi Amla. He says the company has over 60 percent market share in light hair oil segment. However, real recovery in volumes may come only in the fourth quarter, he adds. Malhotra also says ayurvedic hair oil category has been seeing a healthy growth.Don't miss: Strong start to Oct series, upside capped at 8400, says Nomura

The market is struggling as banks, capital goods, pharma and FMCG are dragging. The Sensex is down 128.98 points or 0.5 percentat 26906.87 and the Nifty is down 35.55 points or 0.4 percent at 8141.85. About 1123 shares have advanced, 1150 shares declined, and 96 shares are unchanged.

Tata Steel, Tata Motors, Infosys, Wipro and Dr Reddy's Labs are top gainers while ITC, Bharti Airtel, Lupin, ICICI and Axis Bank are among laggards in the Sensex.

Gold prices fell Rs 49 to Rs 26,698 per 10 grams in futures trade today as participants trimmed their positions, largely in tune with a weak trend overseas.