Sensex, Nifty rangebound; FMCG skids, oil stocks gain

Moneycontrol Bureau11:55 am Call on telcos: Telecom stocks have been under pressure lately as industry majors Bharti Airtel and Idea announced a major price cut for their data plans, ahead of Reliance Jio's launch on August 15.

But even as a price cut could eat into realisations of telecom companies, one noted telecom analyst thinks it will more than make up for it by way of gains in reveneus.

"I think the mobile internet revenue pie can expand significantly. Only a small number of users in India -- high teens in percentage terms -- use data today. That number will go up significantly," said UBS' Suresh Mahadevan, pointing out that with 4G phones now starting to cost Rs 3,000 at the lowest price point means that the "data pie will expand manifold".

11:30 am Result poll: Software services exporter Wipro's first quarter (April-June) IT services revenue may grow 2.28 percent sequentially to USD 1,925 million and rupee revenue may increase 1.1 percent to Rs 12,940 crore, according to average of estimates of analysts polled by CNBC-TV18. Analysts say growth may be boosted by full quarter integration of Healthplan acquisition and currency tailwinds. According to them, Healthplan can contribute around 200 basis points to topline. They expect constant currency revenue growth of around 1.7-2 percent for the quarter, which is within the company's guidance of 1-3 percent at USD 1,901-1,939 million.Don't miss: Should you buy HUL amidst Q1 slowdown? Analysts say 'go for it'

The market is rangebound with FMCG stocks under pressure. The Sensex is up 16.31 points at 27762.97, and the Nifty is up 6.35 points at 8515.05. About 1222 shares have advanced, 978 shares declined, and 124 shares are unchanged.

ICICI Bank, Tata Motors, GAIL, Tata Steel and Sun Pharma are gainers while HUL, Hero, ITC, HDFC Bank and M&M are losers in the Sensex.

Turkey is a strategic conduit for shipments from Russia and Iraq to the Mediterranean and there had been fears that the bid to grab power by a military faction at the weekend would disrupt flows.

The coup, however, was quickly crushed. After topping USD 50 in early June on the back of unrest in key African producer Nigeria and wildfires in Canada's key crude region, prices have been falling as the crises eased.