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Last Updated : Aug 14, 2015 11:07 AM IST | Source: Moneycontrol.com

Sensex, Nifty continue to rise; Axis Bank, GAIL, HUL drag

Bharti Airtel is up over 2 percent while Sun Pharma, Cipla, Lupin and Vedanta are top gainers in the Sensex. Among the losers are Axis Bank, GAIL, HUL, Tata Motors and Tata Steel.


Moneycontrol Bureau

10:50 am Reliance Communications poll:
Reliance Communications' first quarter net profit is seen rising 22.8 percent sequentially to Rs 280 crore but revenue may dip 1 percent to Rs 5,644 crore as its subscriber additions remained weak compared to peers. The telecom operator will announce its earnings on August 14.


Analysts expect volume growth of around 2 percent compared to Idea Cellular's 5.8 percent in June quarter.


Key factors to watch out for would be its commentary on the progress of sale of non-core assets (towers etc.) to deleverage the balance sheet and merger with Sistema. It has debt of USD 6 billion at the of March quarter.

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10:30 am July WPI poll: The real kicker has already come from the consumer price index (CPI) data which was much better than what the street was working with and hence there is heightened expectations that may be the Reserve Bank of India (RBI) could move even before the policy date of September 29.

Now, in terms of the wholesale price index (WPI) data, it is expected to increase in terms of deflation this time to 2.76 percent minus versus minus 2.4 percent and the range again is quite wide. It is minus 2.3 all the way to 3.46 percent minus.


In terms of core as well non-core WPI which also gives the trend in terms what manufacturing is doing at this point in time, what businesses are doing at this point is expected to decline 1.1 percent versus a decline of 0.9 percent. It is interesting because despite it giving an indication of manufacturing one of the key reasons why WPI or core inflation is declining is also because of lower global commodity price.

Don't miss: Devalued yuan biggest threat to global economy, says Marc Faber


The market is going steady as the Sensex is up 140.10 points or 0.5 percent at 27689.63. The Nifty is up 46.65 points or 0.6 percent at 8402.50. About 1050 shares have advanced, 800 shares declined, and 105 shares are unchanged.


Bharti Airtel is up over 2 percent while Sun Pharma, Cipla, Lupin and Vedanta are top gainers in the Sensex. Among the losers are Axis Bank, GAIL, HUL, Tata Motors and Tata Steel.


Oil prices looked set for their seventh weekly fall in Asia today, with US crude tumbling to fresh six-year lows as investors worried a global supply glut is set to last.

Oil is traded in the US currency and any uptick in the dollar will make the commodity more expensive, hurting demand. Some analysts expect the US Federal Reserve to hike interest rates as early as next month, but others say China's sudden move to devalue the yuan this week could prompt the Fed to delay a rise.




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First Published on Aug 14, 2015 10:09 am
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