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Sensex Off Opening Highs, Nifty Slips Below 9,800; HDFC Bank Declines

The 30-share BSE Sensex was up 51.82 points at 31,310.67 and the 50-share NSE Nifty rose 24.20 points to 9,778.55.

Suhas Harinarayanan of JM Financial said earnings in Q1FY18 have been worse than anticipated.

For the companies under coverage, profit had a YoY decline of 15 percent against expectation of 9 percent decline. This, despite a better than expected YoY revenue growth of 10.9 percent, he explained.

"Our model portfolio emerges from a bottom-up approach with a recommended overweight on private financials, pharma, and industrials like L&T," Harinarayanan said.

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