Tata Steel, Hindalco, Bharti Airtel, Coal India and BHEL are losers
while NTPC, Reliance, Axis Bank and Maruti Suzuki are among gainers in
the Sensex.
Moneycontrol Bureau 10:30 am Downgrade: Credit Suisse has downgraded Colgate Palmolive to neutral and reduced target price to Rs 1000 per share. The brokerage thinks that Baba Ramdev-promoted Patanjali poses a potential threat to Colgate’s growth. It has also slashed FY17-18 earnings estimates by 3-7 percent. “Colgate's volume growth has seen a significant drop in FY16, which is divergent from peers who are seeing steady volume growth. The key reason in our view is the strong traction that Patanjali has gained in the category,” it says in a report. Don't miss: Post China burns, market braces up to face Q3 earnings monsters The market is still struggling with bears as the Sensex is down 241.63 points or 0.9 percent at 24692.70. The Nifty is down 85.40 points or 1 percent at 7515.95. About 510 shares have advanced, 1503 shares declined, and 82 shares are unchanged. Tata Steel, Hindalco, Bharti Airtel, Coal India and BHEL are losers while NTPC, Reliance, Axis Bank and Maruti Suzuki are among gainers in the Sensex. Ajay Manglunia, Edelweiss said, "Indian bonds have been resilient in the midst of the global risk-off scenario. While the volatility might persist in the near term, domestic yields are expected to trade stable with an eye on the inflation release during the week. The 10-year benchmark yield is likely to trade in a range of 7.71-7.76% today." US crude oil prices were down more than 2 percent in early trading as traders increasingly lose faith in a significant market recovery soon and bet on even lower prices. The fall adds to an over 10 percent price drop in the first trading week of the year and when Goldman Sachs said oil could hit USD 20, and would see sustained low prices through the first quarter "so producers will move budgets down to reflect USD 40 a barrel oil for 2016."
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