Sensex, Nifty rangebound; ONGC, Vedanta, Reliance up 1-2%

Moneycontrol Bureau11:50 am Market outlook: Nifty won't go down in a hurry as there are plethora of supports, says VK Sharma of HDFC Securities. He does not think 8450 will be broken at all. However, he adds that 8650 is a good resistance. Also, according to him, if the non-farm payrolls coming in a tad weak, US Federal Reserve rate hike will happen only in December. As far as Bank Nifty is concerned, he sees strong resistance at 19100. If it goes beyond that, buy Bank Nifty. He advises investors to buy Kotak Mahindra Bank if one wishes to get more than Bank Nifty.11:30 am Poll: BHEL's first quarter net profit is seen rising 12.2 percent year-on-year to Rs 217 crore on strong operational performance. Revenue may increase 2.2 percent to Rs 5,181 crore from Rs 5,068 crore during the same period, according to average of estimates of analysts polled by CNBC-TV18.

The range for expected topline, bottomline and operating profit is big. The minimum profit expected by analysts is Rs 117 crore and maximum Rs 404 crore for the quarter. The range of revenue is Rs 4,054-6,186 crore and operating profit Rs 150-658 crore.

BHEL’s reported performance is likely to remain constrained, impacted by muted execution. Sales growth may be impacted by ongoing execution issues for about 2/3rd of its order book from the power segment.

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The market is still rangebound while Oil & Gas index is up over 1 percent.  The Sensex is down 10.06 points at 28288.07 and the Nifty is down 6.80 points at 8581.85. About 1407 shares have advanced, 921 shares declined, and 139 shares are unchanged. 

ONGC, Vedanta, M&M, Tata Motors and Reliance are top gainers in the Sensex. Among the losers are SBI, Bharti Airtel, Coal India, Bajaj Auto and ITC.

Oil prices looked set to continue a multi-week decline in Asian trade on Friday on concerns over a global oversupply of crude and mixed prospects for energy demand. Investors are looking ahead to additional supplies of oil coming into the market as part of last month's historic deal between six major powers and Iran over its nuclear programme. In exchange for curbing its nuclear activities, Tehran will see the lifting of sanctions, which have slashed its oil exports.