Nifty below 8500, Sensex loses over 100pts; metals slump

Moneycontrol Bureau11:50 am Poll: State Bank of India's (SBI) first quarter earnings are expected to be subdued like previous quarters. Net profit may increase 4.5 percent year-on-year to Rs 3,500 crore and net interest income is seen rising 10.2 percent to Rs 14,599 crore, according to average of estimates of analysts polled by CNBC-TV18. Net interest income is the difference between interest earned and interest expended. The country's largest lender will announce its earnings on August 11.

11:30 am Market check: The Sensex is down 110.64 points or 0.4 percent at 27991.08, and the Nifty is down 38.40 points or 0.4 percent at 8487.20. About 914 shares have advanced, 1536 shares declined, and 115 shares are unchanged. Don't miss: Chinese dump to jump as yuan devalues

The market is still under pressure as the Sensex is down 30.02 points at 28071.70. The Nifty is down 12.25 points at 8513.35. About 1029 shares have advanced, 1345 shares declined, and 118 shares are unchanged.

Infosys, SBI, TCS, Cipla and Maruti Suzuki are top gainers while Hindalco, Tata Steel, Tata Motors, HUL and BHEL are laggards in the Sensex.Meanwhile, Moody's Investors Service said India's future sovereign credit profile is more exposed to negative effect of drought, but the steps taken by the government, if sustained over the next 2-3 years, could have a mitigating influence. "Although India may avoid drought this year, its economy remains vulnerable to future drought or fluctuations in rainfall, and its sovereign credit profile is more exposed to the negative effect of drought than those of most 'Baa' rated sovereigns," Moody's said in a report. It currently rates India at 'Baa3', the lowest investment grade - just a notch above 'junk' status.