INDIAN EQUITY MARKET OUTLOOK- 11 Aug 2016

Nifty holds 8550 amid consolidation; Dilip Buildcon surges 11%

Equity benchmarks continued to consolidate after profit booking in previous two consecutive sessions. Even Asian markets are mixed in trade. Investors waited for results of major companies like SBI, Tata Motors, Tata Steel, BHEL, Coal India, ONGC, BPCL, IOC, HPCL and Sun Pharma.

The market has opened flat with the Nifty still below 8600. The 50-share is down 4.30 points at 8571 while the Sensex is up 2.04 points at 27776.92.The Indian rupee opened lower by 9 paise at 66.81 per dollar versus 66.72 Wednesday.

BHEL, Axis Bank, Coal India, NTPC and ICICI Bank are top gainers while GAIL, Wipro, Sun Pharma, HDFC and TCS are losers. Bank of Baroda is down 5 percent after it posted disappointing Q1 results.

The US dollar fell broadly as US treasury yields fell and investors waited on a speech by Federal Reserve Chair Janet Yellen later this month.

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