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Nifty drifts away from 7700; Vedanta, Bharti laggards

BHEL, TCS, ITC, HUL and HDFC Bank are top gainers while Vedanta, Bharti Airtel, Dr Reddy’s Labs, Tata Steel and Hindalco are major losers.

11:08

TheNewsInternational Team

The market is still under pressure. The Sensex is down 65.39 points at 25244.94 and the Nifty slips 23.45 points at 7678.25. About 455 shares have advanced, 1780 shares declined, and 116 shares are unchanged.

BHEL, TCS, ITC, HUL and HDFC Bank are top gainers while Vedanta, Bharti Airtel, Dr Reddy’s Labs, Tata Steel and Hindalco are major losers.

Neelkanth Mishra, Credit Suisse says while India remains among the fastest nominal GDP and earnings growth economies, global weakness could be an overhang. Despite rich valuations, he stays overweight on consumption and underweight on financials.

Meanwhile, Mahesh Nandurkar, CLSA says looking at the consensus earnings trend over the last six years, considerable investor anxiety exists over FY17 earnings forecasts.

While FY17 earnings will likely get downgraded, earnings growth should still be near 15 percent, which would be far superior than the 7 percent average earnings growth seen over the past five years, he feels.

10:00

Sensex, Nifty remain under pressure; ITC, BHEL, SBI up 1-2%

BHEL, ITC, SBI, TCS and HDFC Bank are major gainers in the Sensex while Dr Reddy’s, Bharti, Vedanta, Hindalco and Sun Pharma are major laggards.

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09:15

Nifty opens below 7700, Sensex weak; Dr Reddy’s plungesRead More »

BHEL, ITC, HUL, Tata Steel, Sun Pharma, Asian Paints, Tata Motors and Cipla were early gainers while Dr Reddys Labs fell 3.5 percent. GAIL, Vedanta, Bharti Airtel, Hindalco and UltraTech Cement were under pressure.

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