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Sensex, Nifty snap 4-day fall; Mid, Smallcap, rupee weak

Aug 13, 2015, 05.51 PM | Source: Moneycontrol.com

Rupee breached the 65-mark against the dollar as China let the yuan slide for the third day in a row. China tried to allay fears as the central bank says yuan is now closer to market levels.

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Sensex, Nifty snap 4-day fall; Mid, Smallcap, rupee weak

Rupee breached the 65-mark against the dollar as China let the yuan slide for the third day in a row. China tried to allay fears as the central bank says yuan is now closer to market levels.

16:00

TheNewsInternational Team

It was a rollercoaster ride on Dalal Street as the market ended with marginal gains. Early morning rally fuelled by positive macro cues (CPI and IIP) could not keep the market happy for long. The Sensex was up 37.27 points at 27549.53 and the Nifty ended up 6.40 points at 8355.85. About 1017 shares have advanced, 1833 shares declined, and 132 shares were unchanged.

Metals stocks fell drastically with Vedanta, Tata Steel and Hindalco as major laggards.  M&M, Cipla, Lupin, Maruti and Axis Bank were top gainers in the Sensex. Midcaps also saw profit-booking.

Arvind Sanger of Geosphere Capital Management believes it to be a bottom-up market and is cautiously optimistic on India. This coupled with other macro headwinds and the policy paralysis, makes Sanger cautious on the Indian markets.

The rupee breached the 65-mark against the dollar hitting its lowest level since September, 2013. The finance secretary has said the government and all institutions must act on the yuan depreciation. India’s top bankers have also expressed shock at the yuan devaluation.

China has tried to quell fears of an all-out currency war after letting the yuan slide for the third straight day. China has set its parity rate at 6.40 yuan for one dollar.  The move is aimed at boosting the country’s exports and arrest the economic slowdown. China’s central bank is attempting to ally fears. The bank said yuan is closer to market levels and there’s no basis to rumours that there will persistent and substantial devaluation. There were reports suggesting that the yuan could drop as much as 10 percent.

Meanwhile, a turbulent and largely unproductive monsoon session ended this afternoon without legislation including the goods and services tax proposal being cleared. Both houses of Parliament have been adjourned sine die.

The government wants to clear the GST bill before the winter session so that it can meet the April 2016 rollout deadline.

14:00

Sensex, Nifty end higher; Midcap, Smallcap underperform

M&M, Cipla, Lupin, Sun Pharma, Axis Bank and Tata Power rallied 2-4 percent. BPCL rose 1.75 percent ahead of Q1 earnings on Friday.

Read More »

13:00

Sensex, Nifty consolidate; Lupin & Cipla up, Hindalco downRead More »

The rupee breached 65 a dollar, the weakest level since September 2013 on heavy dollar buying by corporates and FIIs. However, exporters sold dollars at the 65 mark, helping the currency pull back slightly from day’s low to trade at 64.91 a dollar, down 14 paise. RBI intervention may also have supported rupee.

Read More »

12:00

Sensex, Nifty off day’s high; rupee hits 65/$ , metals downRead More »

Cipla, Lupin, Bharti, M&M and Hero are top gainers while Tata Steel, Vedanta, Hindalco abd GAIL are among losers.

Read More »

11:00

Nifty nears 8400; Nestle up 5% on HC order on Maggi noodlesRead More »

Cipla, Bharti Airtel, Lupin, Cipla, SBI and Coal India are top gainers in the Sensex. Among the losers are Vedanta, Tata Steel, Hindalco, GAIL and Wipro.

Read More »

10:00

Nifty below 8400, Sensex steady; Tata Steel slumps 4%Read More »

Tata Steel, Vedanta, Hindalco, GAIL and Coal India are down 1-4 percent while Bharti Airtel, Lupin, Infosys, Cipla and HDFC Bank are top gainers in the Sensex.

Read More »

09:15

Sensex gains over 200pts, Nifty scales 8400; SBI, Bharti upRead More »

Bharti Airtel, Cipla, ICICI Bank, Tata Steel and ONGC are top gainers in the Sensex. Among the losers are TCS, ITC and GAIL.

Read More »

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