Sensex, Nifty still in green; TCS, Tata Motors top gainers

Moneycontrol Bureau12:55 pm  Market outlook: With selling intensifying in the past few days, technical analyst Sushil Kedia says the ongoing correction has further legs to go but adds that there is a pot of gold at the end for investors who can ride the pain. In an interview with CNBC-TV18, Kedia, President of the Association of Technical Market Analysts (ATMA), picked out 7,200-6,900-6500 as technical supports and assigned small probabilities to those levels breaking. "This roughness is likely to persist for some more time," he said. "However, [starting] financial year FY17, wherever the decline ends, a 40-50 percent kind of super bull market should again rise," he said. Kedia said crude will likely bottom out soon, and said in 1-2 years, it could more than double from current levels.12:30 pm RBI move: With China's currency devaluation sending forex and stock markets into a tizzy, RBI's Technical Advisory Committee on financial markets met and reviewed the recent developments in G-Secs and foreign exchange markets. The meeting chaired by RBI Deputy Governor H R Khan reviewed the recent developments in money, government securities and foreign exchange markets. It also discussed various issues relating to the financial benchmarks, disclosure and reporting requirements for commercial papers (CP) and relaxations in the documentation-related requirements for hedging in the forex market, RBI said in a statement.Don't miss: Paswan terms Congress' stance on GST Bill as 'anti-national'

The market is still holding onto green terrain as the Sensex is up 69.72 points or 0.3 percent at 24921.55. The Nifty is up 21.10 points or 0.3 percent at 7589.40. About 1682 shares have advanced, 779 shares declined, and 188 shares are unchanged.

Tata Motors, ITC, Reliance, TCS and Sun Pharma are top gainers while Cipla, Coal India, L&T, Bajaj Auto and Adani Ports are losers in the Sensex.

China's central bank guided the yuan a shade higher Friday, a day after a hefty decline in the currency rocked financial markets and fanned renewed worries over the health of the world's second-largest economy.

The People's Bank of China (PBOC) set the yuan reference rate at 6.5636 against the dollar, up 0.02 percent from Thursday's fix and higher than theyuan's closing rate of 6.5929 in onshore trading on Thursday. Friday's fix was the first time in nine days that the PBOC set the the yuan reference rate higher.

The PBOC on Thursday had guided the yuan lower at the fastest pace since its shock devaluation in August, prompting a shuttering of mainland stocks and roiling markets elsewhere.