Sensex wobbles, Nifty struggles below 8550; IT index slips 5%

Moneycontrol Bureau11:55 am FII view: Sakthi Siva of Credit Suisse says, "With most investors rather sceptical of the rally in cyclicals, we thought it maybe pertinent to highlight defensives seeing EPS cuts."
In an environment where cyclicals are upgrading earnings, there has been earnings per share (EPS) cuts over the last three months ranging from 13 percent for Chularat Hospital to 17 percent each for Cipla and United Spirits to 23 percent for Reliance Communications to 24 percent for Indosat to 25 percent for Tingyi and 32 percent for China Unicom.

11:45 am Anit-dumping duty: The government has imposed anti-dumping duty of up to USD 64.35 per cubic meter on imports of a specific type of fibre board, reports CNBC-TV18.
The anti-dumping duty is in the range of USD 14.7-64.35 per cubic meter for fibre board with thickness of 6 mm and above.

The anti dumping duty has been imposed on fibre board imported from Vietnam and Indonesia. Reacting to the news, Shobhan Mittal, Joint MD, Greenply Industries says this action taken by the government would help them become more competitive against foreign imports but not necessarily enable them to hike prices.11:30 am New IPO: ICICI Prudential Life Insurance is likely to file its Draft Red Herring Prospectus (DRHP) by noon today, sources say. The company plans to raise Rs 5,000 crore via Initial Public Offering (IPO), a first by any insurance company in the country. The IPO will be managed by BofA-ML and ICICI securities. Other bankers for the IPO include Deutsche Bank, UBS and CLSA.Don't miss: Should lowest Q1 volume growth in 8 yrs worry TCS? But analysts bullish

The market is struggling with IT index falling over 5 percent. The Sensex slips 148.67 points or 0.5 percent at 27793.44, and the Nifty down 36.65 points or 0.4 percent at 8528.35. About 910 shares have advanced, 1319 shares declined, and 138 shares are unchanged.