Nifty slips below 8300, Sensex down; Bharti, M&M, SBI drag

The market is losing its grip as the Sensex is down 93.18 points at 27397.41 and the Nifty is down 33.15 points at 8298.80. About 1226 shares have advanced, 1256 shares declined, and 159 shares are unchanged.

Vedanta, Tata Steel, ONGC, Hindalco and TCS are top gainers in the gainers while Cipla, Bharti Airtel, M&M, NTPC and SBI are laggards.

Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices, the International Monetary Fund said. Oil prices have shed half of their value since June 2014, and are expected to be lower than the breakeven point for Gulf countries in the next three to four years

Sensex, Nifty consolidate; Vedanta, Tata Steel top gainers

12:59pm Market Update: The Sensex rose 12.47 points to 27503.06 and the Nifty slipped 3.55 points to 8328.40. About 1273 shares have advanced, 1181 shares declined, and 152 shares are unchanged on the BSE. 12:55pm Tata Communications in News:  Tata Communications today announced that it has been chosen by Formula One Management (FOM) to provide broadcast services for the GP2, GP3 and Porsche Supercup racing series. It will provide a fully diverse end-to-end fibre and satellite solution to broadcasters from across the globe at the 12 race locations in 2015. With this agreement broadcasters will have access to a provider with knowledge and experience in motor racing and the infrastructure capability to provide specific media management and movement services that go above and beyond the core technology. 12:25pm IT companies growth: TV Mohandas Pai, Chairman, Manipal Universal said the key issues for IT are weakness in euro and pricing contamination. Adding to the discussion, Sudin Apte, CEO and Research Director, Offshore Insights said client decision making has slowed down over the past couple of months. He believes TCS is better placed to transform itself into new age technology. According to Pai, management transformation is the key to success for the IT companies now. Execution is a challenge Infosys has to face, he added. He expects the companies to grow in low double digits going forward. 12:00pm Market Check The market continued to consolidate above 8300 level in noon trade. Metals, select IT and oil stocks gained while banks and select auto stocks remained under pressure. The Sensex gained 2.64 points at 27493.23 while the Nifty slipped 5.45 points to 8326.50. The BSE Midcap and Smallcap indices outperformed, up 0.4-0.5 percent. Kotak Mahindra Bank gained 1.7 percent ahead of its Q4 numbers. A CNBC-TV18 poll sees 19 percent profit growth on a standalone basis helped by a low base. Asset quality is expected to be stable. ING Vysya Bank numbers will be merged into Kotak from Q1FY16 onwards. Metals stocks extended rally with the BSE Metal Index rising more than 2 percent. Vedanta surged over 5 percent and Tata Steel gained more than 4 percent followed by Hindalco with 2 percent upside. Realty stocks like Oberoi Realty, HDIL etc gained 1-2 percent as the Real Estate Bill is scheduled to be taken up by Rajya Sabha members. Sources suggest that the government may send Real Estate Bill to standing panel today. Also GST Bill is lined up for discussion in Lok Sabha today. Finance Minister said he is reasonably confident of passage of the GST Bill in the Budget session. He is bullish on the India growth story, saying issues like MAT need to be resolved at the earliest. For more information please visit this site www.bigprofitbuzz.com