Sensex, Nifty see profit booking; Midcap, Smallcap outperform

Moneycontrol Bureau10:40 am FII View: Given the current market scenario, Rakesh Arora of Macquarie Capital Securities is supportive of it and believes the second half will be better for earnings growth. "Till now the impact of commodity prices going down was affecting topline," he told CNBC-TV18.

He expects revenue growth to go back to 14-15 percent levels in the second half. Based on this, he sees Nifty at 9200 by December 2016.

10:20 am Buzzing: Shares of Indoco Remedies gained nearly 12 percent intraday after approval from the US health regulator for Goa facility.

"Indoco has received the establishment inspection report (approval) from US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa (plant I)," says the Mumbai-based pharma company in its filing.

The company has three finished dosage facilities in Goa. Plant I is a product manufacturing facility which includes solid dosages, creams, ointments and liquid dosages. The facility is already approved by UK-MHRA, MCC South Africa and TGA - Australia (for solid dosages, liquid orals and creams & ointments).

Also read - See $3bn defence order; eyeing govt as strategic partner: L&T10:00 am Market Check

The market continued to see profit booking in morning trade after one percent rally in previous session while the broader markets outperformed benchmarks.

The 30-share BSE Sensex fell 75.81 points to 25209.56 and the 50-share NSE Nifty declined 26.80 points to 7677.45. The BSE Midcap and Smallcap indices gained half a percent each.

The market breadth remained strong as about 1043 shares advanced against 667 declining shares on Bombay Stock Exchange.Adani Ports and Dr Reddy's Labs fell over 2 percent followed by Infosys, ITC, HUL, Bharti Airtel and Hero Motocorp with more than a percent loss. Reliance Industries, L&T, Lupin and BHEL gained 1-2 percent.