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Last Updated : Aug 12, 2015 11:02 AM IST | Source:

Sensex slips over 100 pts, Nifty above 8400; IT outperforms

Hindalco, Coal India, Tata Motors, Vedanta and Bharti Airtel are major laggards while Sun Pharma, Infosys, TCS, Tata Steel and Wirp are top gainers.

Moneycontrol Bureau

10:55 am Market outlook: 
China using devaluation of currency as a constant policy tool is a big worry for India and a government response is needed to counter the impact on Capital Goods sector, bulk drug businesses, Consumer Durables, Tyres, and Indian exporters to Europe, says Ajay Srivastava, CEO of Dimensions Consulting.

Alarmed over the situation, Srivastava said one must pare down expctations unless the government takes some steps. Inspite of the downturn, investors in good quality stock will not get butchered. There are fundamental stocks that will perform and the advise is to "avoid speculation and return to fundamentals," Srivastava said.

10:45 am Market check: The Sensex is down 111.47 points or 0.4 percent at 27754.62, and the Nifty is down 42.90 points or 0.5 percent at 8419.45.
About 687 shares have advanced, 1534 shares declined, and 120 shares are unchanged. 

10:30 am Result poll: 
Domino's pizza franchise owner Jubilant Foodworks is expected to post a strong April-June quarter. Its Q1 net profit is seen up 26 percent at Rs 35 crore against Rs 27.7 crore in corresponding quarter last fiscal. According to a CNBC-TV18 poll, it is likely to see revenue growth at 25 percent, rising to Rs 597 crore compared to Rs 477 crore on yearly basis. EBITDA is seen up 31 percent at Rs 78 crore against Rs 59.3 crore while EBITDA margins may stand at 13.1 percent versus 12.4 percent, year-on-year.

Don't miss: June IIP at 2.9%, July CPI at 4.4%: CNBC-TV18 Poll

The market is still dragging. The Sensex is down 222.81 points or 0.8 percent at 27643.28 and the Nifty is down 74.80 points or 0.9 percent at 8387.55. About 479 shares have advanced, 1416 shares declined, and 106 shares are unchanged.

Hindalco, Coal India, Tata Motors, Vedanta and Bharti Airtel are major laggards while Sun Pharma, Infosys, TCS, Tata Steel and Wirp are top gainers.

Gold gained for a fifth session in a row to trade near a three-week high, benefiting from weaker equities after China's devaluation of the yuan stoked fears of a currency war.
China's surprise 2 percent devaluation of the yuan on Tuesday, seen as a move to bolster a flagging economy, was condemned by US lawmakers as a grab for an unfair export advantage. The move hit global equities, prompting some investors to seek safe-haven assets such as gold which has now recovered around 3 percent from a 5-1/2-year low of USD 1,077 during a late July rout.


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First Published on Aug 12, 2015 10:00 am
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