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Last Updated : Aug 07, 2015 11:57 AM IST | Source:

Nifty nears 8600, Sensex flat; ITC, Bajaj Auto, SBI drag

Vedanta, ONGC, Reliance, Sun Pharma and Tata Motors are top gainers while ITC, Bajaj Auto, GAIL, Coal India and SBI are top gainers.

Moneycontrol Bureau

9:59 am Market check:
The market is still flat but the Nifty is nearing 8600. The 50-share index is up 4.70 points at 8593.35 and the Sensex is up 9.10 points at 28307.23. About 1200 shares have advanced, 738 shares declined, and 111 shares are unchanged.

Vedanta, ONGC, Reliance, Sun Pharma and Tata Motors are top gainers while ITC, Bajaj Auto, GAIL, Coal India and SBI are top gainers.

9:50 am
Tata Motors's first quarter consolidated net profit (excluding forex gains) may plunge 42 percent year-on-year to Rs 3,100 crore as Jaguar Land Rover, which has supported consolidated bottomline during slowdown in commercial vehicle space, may hurt June quarter earnings.

Revenue is expected to fall by 2.5 percent to Rs 63,068 crore compared to Rs 64,683 crore in the year-ago period, according to average of estimates of analysts polled by CNBC-TV18.

9:30 am FII View:
Chris Wood, CLSA said there has been some positive news from India this week: in a major positive, minister of state for Finance Jayant Sinha and Financial Services Secretary Hasmukh Adhia provided a detailed roadmap PSU banks.


There is also confirmation that government will announce new heads for five PSU banks, he added.

According to him, this move prompts Greed & Fear to raise the already substantial overweight in India in the Asia Pacific ex-Japan relative-return portfolio. This will be done by shaving the overweight in China by two percentage points, Wood said.

Don't miss: Nomura pegs GDP growth at 8% in FY16; Sensex at 33,500

The market has opened flat. The Sensex is up 10.99 points at 28309.12 and the Nifty is down 13.30 points at 8575.35. About 486 shares have advanced, 258 shares declined, and 80 shares are unchanged.

Vedanta, Sun Pharma, Tata Steel, ONGC and Tata Motors are top gaienrs in the Sensex while ITC, Dr Reddy's Labs, Infosys, SBI and ITC are among laggards.

The Indian rupee opened flat at 63.76 per dollar against previous close of 63.77.

Pramit Brahmbhatt of Veracity said, "Rupee is expected to open flat with a positive bias. Correction in crude and gold is supporting the currency. Rupee is expected to trade in the range of 63.50-64.20/dollar."

The dollar retreated against major currencies in choppy trading in a week that has seen the greenback on a generally firmer trend, as investors balanced their positions ahead of the crucial US nonfarm payrolls report.

US stocks closed lower with the Nasdaq off 1.6 percent, as investors weighed declines in oil and disappointing earnings ahead of today's key employment report. Economists expect 223,000 non-farm payrolls on Friday with unemployment unchanged at 5.3 percent, according to a Reuters poll.

Asian markets, too opened weak, taking the lead from the US markets. The decline in oil prices and disappointing earnings ahead of key employment report today weighed on sentiment. Investors in Asia keep an eye on the Bank of Japan's policy decision.

In other asset classes, Crude continued to decline with Nymex Crude settling at multi-month lows as a large drop in US crude inventories failed to boost prices. Brent crude was trading below USD 50 per barrel.

And from the precious metals space, gold edged higher, supported by the retreating US dollar and a tumble in global equities as traders awaited US employment data seen as key to determining when the Federal Reserve may raise interest hikes.

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First Published on Aug 7, 2015 09:15 am
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