Nifty slips below 8550, Sensex weak; Hero Moto, Bharti gain --- 4 Aug 2015

Hero Motocorp surged 3.24 percent post Q1 earnings. It's a strong operational performance by Hero. The company's results beat expectations, despite fall in revenues, margins rose 160 bps year on year. The management finally delivers on its cost rationalisation efforts.

                                                     

The market fell marginally in early trade Tuesday. The Sensex declined 76.18 points to 28110.88 and the Nifty slipped 24.80 points to 8518.25. About 848 shares have advanced, 587 shares declined, and 89 shares are unchanged on the BSE. All eyes will be on the key event of the day- the Reserve Bank of India's monetary policy. A CNBC-TV18 poll shows 85 percent of market watchers are anticipating RBI Governor Raghuram Rajan to leave key policy rates unchanged in the monetary policy. Hero Motocorp surged 3.24 percent post Q1 earnings. It's a strong operational performance by Hero. The company's results beat expectations, despite fall in revenues, margins rose 160 bps year on year. The management finally delivers on its cost rationalisation efforts. Bharti Airtel gained 1.5 percent ahead of earnings. Telecom major will report its Q1 results today after market hours. According to a CNBC-TV18 poll, the revenue may rise over a percent to Rs 23,300 crore. The volume growth is seen at 3 percent. Its Africa business, however, is expected to continue to remain sluggish. Coal India, Lupin, HDFC Bank, BPCL, PNB and HCL Tech rose 0.7-1.6 percent while Tata Motors, Infosys, ONGC, Wipro, Dr Reddy's Labs, Cairn India, Tata Power and IndusInd Bank lost 0.2-1 percent. Wockhardt lost 2 percent as company recalled 5 million bottles of drugs (that treats high blood pressure, ulcers) from US. The Indian rupee opened marginally lower by 5 paise at 64.09 per dollar today against previous close of 64.04. Tirthankar Patnaik of Mizuho Bank said, "We are expecting a pause today given inflation outlook especially on food. We expect the rupee to remain tight near the 64/dollar levels." He further added, "We could see some stress on the rupee in the near to medium term especially given the heightened risk-off environment." In global cues, the US stocks closed lower on the first trading day of August as investors weighed mostly lacklustre economic data and a renewed decline in oil. Asian markets were trading mixed following a negative handover from Wall Street. In other asset classes, commodities, the US dollar held steady against the euro and yen. Crude prices declined 4 percent, slipping to six-month lows with brent crude falling below USD 50 per barrel on sluggish US and Chinese economic data. Precious metal gold slipped to USD 1080 an ounce on dollar gains.

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