Sensex, Nifty erase morning gains; Idea, Bharti in focus

The market gave up morning gains but the Nifty managed to hold the 8200-mark. Technology, FMCG, pharma, oil and HDFC twins dropped while auto and select banks gained.

The Sensex fell 7.53 points to 27169.46 and the Nifty gained 0.10 points at 8213.90. About 1231 shares have advanced, 1033 shares declined, and 149 shares are unchanged on the BSE.

In earnings today, telecom majors Bharti Airtel and Idea Cellular traded flat ahead of their Q4 earnings. For Bharti Airtel, analysts expect a steady quarter for India wireless while Africa business may continue to see a lackluster quarter. CNBC-TV18 poll indicated that consolidated profits may rise 9 percent sequentially. Idea Cellular’s revenue growth is seen at 4.5-5 percent due to volume growth.

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Posted in: Indian Market Tips