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Market Live: Sensex extends losses, Nifty hovers around 9600-mark

11:15 am Market Check: Benchmark indices extended their losses from the morning session, with the Nifty threatening to breach 9600-mark.

The Sensex was down 79.61 points at 31217.92, while the Nifty was down 38.70 points at 9614.80. The market breadth as negative as 1,077 shares advanced against a decline of 1,084 shares, while 146 shares were unchanged.

ONGC and Cipla were the top losers on both indices, while Larsen & Toubro, Reliance and Bank of Baroda gained the most.

10:40 am CLSA on TCS: CLSA has maintained its buy rating on Tata Consultancy Services (TCS) but lowered earnings estimates for FY18-20 due to likely rupee strength and wage hikes.

TCS reiterated its 26-28 percent EBIT (earnings before interest and tax) margin targets on a constant currency basis. However, acknowledging a sharper Q1 headwind from forex, wage hikes and visa makes it harder, the research house said and cut margin estimate by 50bps to 25.5 percent from forex weakness. It also lowered FY18 marging estimate by 100bps (8.1 percent).

It took FY18 USD-INR assumption to spot, keeping FY19/20 at 68 against the US dollar. This drives 8/1/1 percent cuts to FY18-20 earnings, it said.

Meanwhile, the brokerage house believes TCS should be the prime beneficiary of a BFS (banking, financial, services) spend recovery and digital implementation shift and outpace peers in FY18 organic growth and capital returns.