Sensex, Nifty struggle; Axis Bank, Hindalco, TCS gain 1%

Moneycontrol Bureau10:50 am FII view: Jeff Chowdhry is not worried about the Indian market’s expensive valuation. He says that is because the market comprises of very good companies that are expensive and very poor companies that are cheap “I would rather buy quality and I will willing to pay for it,” says the Senior Emerging Market Fund Manager at LGM, adding “buying cheap stocks has been the mistake of my career. Chowdhry is bearish on China and feels investors looking at emerging markets beyond China would prefer India, Indonesia and Philippines, and not Brazil or Russia.10:30 am Buzzing: Share price of Bank of Baroda increased 2 percent intraday. Reserve Bank of India (RBI) has lifted restrictions on buying of shares of the company by Foreign Institutional Investors (FIIs).According to RBI, the foreign shareholding in Bank of Baroda is now below prescribed threshold limit.The company is going to announced it first quarter (Q1FY16) results on July 30, 2015.Earlier in this month, it had reduced its base rate by 10 basis points from 10 percent to 9.90 percent and bench-mark prime lending rate (BPLR) by 10 basis points from 14.25 percent to 14.15 percent with effect from July 13, 2015.Don't miss: MF houses raise the bar on investment to curb mis-selling

The market is still down. The Sensex is down 64.33 points at 28306.51 and the Nifty is down 13.00 points at 8576.80. About 1090 shares have advanced, 668 shares declined, and 106 shares are unchanged.

Axis Bank, Hindalco, TCS, Bajaj Auto and Sun Pharma are top gainers in the Sensex. Among the losers are Wipro, ICICI Bank, GAIL, M&M and Lupin are among losers.

Oil prices rose in Asia following recent losses but analysts said the rebound is unlikely to be sustained because of a global crude glut.

Brent crude for September advanced 17 cents to USD 55.44. Over the week WTI is down more than 4.0 percent and Brent has lost nearly 3.0 percent. Analysts said the prospects of Iranian oil returning to the oversupplied market after Tehran reached a deal with major powers over its nuclear ambitions is dampening appetite.