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Nifty drifts away from 7700; Vedanta, Bharti laggards

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.

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