Nifty slips below 11,300, Sensex down 100 pts; Avenue Supermarts up 3%

Axis Bank, Tech Mahindra, ONGC, Lupin, Power Grid, Dr Reddy’s Laboratories are up 0.5-1 percent, while HDFC, ICICI Bank, Adani Port, L&T, Tata Steel are among the major losers.

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Buzzing: Shares of Idea Cellular declined 5.4 percent in the early trade on Tuesday as CLSA downgrade the stock to sell and cut target price to Rs 51 per share.

The company has turned profitable in the quarter ended June 2018 as it has posted a consolidated net profit at Rs 256.5 crore against a loss of Rs 962.2 crore reported in March 2018.

The company’s profit has included one-time gain on sale of its entire shareholding in Idea Cellular Infrastructure Services to ATC Telecom for Rs 3,364 crore.

However, the loss before tax and exceptional items was at Rs 2,757.6 crore.

The broking house CLSA has downgraded Idea Cellular to sell from buying and cut target to Rs 51 from Rs 70 per share.

According to CLSA, the Q1 revenue is in-line, but EBITDA is below estimates while operating metrics were also weak. It expects net debt to be 6.6x EBITDA by FY21 and will still remain uncomfortable.

Market Opens: After closing at record highs in Monday’s trade the benchmarks indices opened lower on Tuesday, with the Nifty trading below 11,300 marks and Sensex below 37,400.

The Sensex is down 100.14 points at 37394.26, and the Nifty down 27.30 points at 11292.20. About 459 shares have advanced, 379 shares declined, and 65 shares are unchanged.

Axis Bank, Tech Mahindra, ONGC, Lupin, Power Grid, Dr Reddy’s Laboratories are up 0.5-1 percent, while HDFC, ICICI Bank, Adani Port, L&T, Tata Steel are among the major losers.

Avenue Supermart gained 3 percent after reporting stellar June quarter numbers.

Rupee opens: The Indian rupee opened marginally lower at 68.70 per dollar on Tuesday against previous close 68.67.

The dollar-rupee August contract on the NSE was at 68.88 in the previous session. August contract open interest increased 3.91% in the previous day, said ICICIdirect.

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.

Market at pre-open: Pre-opening trends suggest that the Sensex and Nifty are likely to have a flat start, with the Nifty trading above 11,300-mark.

The Sensex up 53.09 points at 37547.49, and the Nifty down 2.20 points at 11317.30.

Axis Bank, Avenue Supermart is higher, while Idea and Interglobe Aviation are lower in pre-opening trade.

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