NIFTY TIPS : Stocks tumbled on Dalal Street due to a heady cocktail of weak global cues and poor earnings. The Nifty cracked 8500 mark to end at 8462.35, down 63.25 points or 0.74 percent.
About 1016 shares advanced, 1876 shares declined, and 135 shares were unchanged. Midcaps also fell in tandem with the blue chips as the index lost nearly 100 points.
What worried Indian investors was devaluation of Chinese currency. The People's Bank of China allowed the yuan to depreciate almost 2 percent against the US dollar to levels last seen three years ago, sending a shock through currency markets.
In a statement, the Chinese central bank said that it had changed the way it calculated the currency's daily midpoint against the greenback, now taking the midpoint from market-makers quotes and the previous day's closing price.
However, Hartmut Issel, Head-APAC Equity and Credit at UBS says overlap between China and India is the smallest in the region and impact on India is thus expected to be negligible.
However, Hartmut Issel, Head-APAC Equity and Credit at UBS says overlap between China and India is the smallest in the region and impact on India is thus expected to be negligible.
Amid all the chaos, Finance Minister Arun Jaitley introduces the constitutional amendment to facilitate goods and service tax (GST) in the Rajya Sabha.
However, hopes run thin as congress refused to budge and sources say the AIADMK is still not on board. Meanwhile, asset quality concerns continue to haunt State Bank of India. Its Q1 profits beat estimates in but slippages see a sharp spike sequentially.
The stock tanked 5 percent even as the company assures that rise in slippages is seasonal. Tata Steel too fell 5 percent even though it posted better-than-expected Q1 earnings (announced after market closing). Hindalco, Tata Motors and Coal India were other laggards in the Sensex.
No comments:
Post a Comment