Movers & Shakers : NTPC bounced back very rapidly, up more than 4 percent after seeing more than 6 percent fall in morning session. ICICI Bank, Reliance Industries, Axis Bank, SBI, Tata Motors, M&M, Coal India, Vedanta, Tata Steel and GAIL gained 1-3 percent. However, Infosys, ITC, L&T, HDFC, Maruti Suzuki, Lupin, Sun Pharma, BHEL, Bharti Airtel, Hero Motocorp and Bajaj Auto dropped 1-3 percent.
Market trims losses : Equity benchmarks cut down losses in noon trade with the Sensex falling 155.93 points to 25585.63. The Nifty clawed back above the 7700 level, down 47.95 points to 7761.05. The market breadth remained weak as about 438 shares have advanced against 2032 shares declined on the Bombay Stock Exchange.
Rupee Outlook : It is sentiment that is driving the current market and not the fundamentals, says Divya Devesh, ASIA FX strategist at Standard Chartered Bank. In an interview with CNBC-TV18, Devesh says: “the fundamental problem still has not been solved, which means that the INR could still remain under pressure in the near-term.” He says this will continue till some fiscal or monetary measures are announced by the Chinese government. Devesh believes that “India is more insulated than the other Asian markets” and will bounce back in the long run. “66-67 per dollar looks like a reasonable range at least for this week,” says Devesh. He added that “if this equity turmoil continues, we could see a break of 67 per dollar.” With low commodity prices and reduced chances of US Federal Reserve rate hike, the year-end dollar INR forecast remains stable at 65, he says.
Rupee Outlook : It is sentiment that is driving the current market and not the fundamentals, says Divya Devesh, ASIA FX strategist at Standard Chartered Bank. In an interview with CNBC-TV18, Devesh says: “the fundamental problem still has not been solved, which means that the INR could still remain under pressure in the near-term.” He says this will continue till some fiscal or monetary measures are announced by the Chinese government. Devesh believes that “India is more insulated than the other Asian markets” and will bounce back in the long run. “66-67 per dollar looks like a reasonable range at least for this week,” says Devesh. He added that “if this equity turmoil continues, we could see a break of 67 per dollar.” With low commodity prices and reduced chances of US Federal Reserve rate hike, the year-end dollar INR forecast remains stable at 65, he says.
Market Extends Losses : Equity benchmarks extended losses with the Nifty falling below 7700, down 110 points or 1.39 percent to 7698. The Sensex plunged 353.14 points or 1.37 percent to 25388.42. The broader markets, too, were under pressure as the BSE Midcap lost 1.5 percent and Smallcap tumbled 2.6 percent. About five shares declined for every share advancing on the Bombay Stock Exchange. The rupee erased all its morning gains, down 2 paise to 66.66 a dollar.
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