Idea Cellular tanked 4.84 percent, Bank of Baroda was down 4.15 percent and Coal India fell 2.68 percent after third quarter earnings. Bharti Airtel and BHEL were other losers.

9:40 am Market update: Benchmark indices erased some opening gains on profit booking. The 30-share BSE Sensex was up 41.01 points at 28375.26 and the Nifty gained 11.20 points at 8804.75. About 1008 shares advanced against 891 declining shares on the BSE.

9:25 am Kotak on Bank of Baroda: Kotak has also maintained reduce rating as growth concerns are yet to be addressed. Loan growth would be a disappointment as compared to investors’ expectations and return on equity visibility Beyond 12-14 percent by FY2019 still poses as a challenge, it feels. The brokerage house has increaed target price to Rs 170 from Rs 160.

Source: moneycontrol.com