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Nifty Hovers Around 8600 On Caution Ahead Of Economic Survey

Oil prices dipped as rising US drilling activity offset efforts by OPEC and other producers to cut output in a move to prop up the market. Brent crude futures, the international benchmark for oil prices, were trading at USD 55.10 per barrel, down 0.24 percent from their last close. Since their January peak, Brent has lost over 5.5 percent in value.

Country's largest private sector lender ICICI Bank is expected to see earnings pressure in Q3 owing to elevated slippages and higher provisions. Profit is seen falling 27.8 percent year-on-year to Rs 2,180.2 crore in the quarter ended December 2016.

Net interest income, the difference between interest earned and interest expended, may decline 1.7 percent to Rs 5,359.1 crore compared with Rs 5,453 crore in year-ago period. Analysts expect slippages to remain on the higher end between Rs 7,000-8,000 crore (against Rs 8,029 crore in Q2).

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