Sensex trims losses; State Bank of India, Tata Power up 4%

12:14

Moneycontrol Bureau
Live Market Commentary
The market trimmed early losses in noon trade, but the domestic currency remained weak against the US dollar. Banks, oil & gas, metals and pharma stocks led the support.

The BSE Sensex is down 42.66 points at 18690.38, and the NSE Nifty is down 14.65 points at 5527.60.

India continues to grapple with macro economic problems like high interest rate, inflation, wide current account deficit and barring monsoons, there is no other positive cue for the market as of now, says Nirmal Jain, chairman, IIFL.

Though Jain is not too pessimistic on the market from current levels , but he cautions that given the way macros are shaping up, the market continues to face near-term headwinds and there is a threat of the Nifty falling below the key support of level of 5,500. In the best case scenario, Nifty can go back to 6000 level, he added.

Country's largest lender State Bank of India gained 3.6 percent on short covering while its rival ICICI Bank is up one percent.

Morgan Stanley cut its target price on SBI to Rs 1,200 a share from Rs 1,525. The brokerage house also reduced earnings per share estimates by  13-20 percent in FY14e/FY15e.

Canara Bank rallied 3 percent despite Morgan Stanley reduced target price to Rs 170 a share from Rs 290 on the stock. "Stock of impaired loans could see more stress," Morgan Stanley report said.

Tata Power , which was the top loser with 15 percent loss in previous session on poor Q1 earnings, bounced back with 4 percent gains.

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