The
Sensex dropped 130.53 points to 27971.19 and the Nifty slipped 40.85
points to 8484.75. About 889 shares have advanced, 1632 shares
declined, and 127 shares are unchanged on the BSE. Metals & tyre
stocks lost ground, reacting to Chinese central bank's decision to
devalue yuan, stoking fears of Chinese exports becoming cheaper. The
Tyre Manufacturing Association told CNBC-TV18 that dumping of cheaper
tyres by China will hurt the Indian tyre industry. MRF, Ceat, Apollo
Tyres and Goodyear dropped 2-4 percent. Tata Steel and Hindalco
plunged 3 percent each. In key earnings today, SBI's profit may slow
down to single digit. Street will watch out for bank's slippage trend
and 5 by 25 restructuring for June quarter. For Sun Pharma, revenue
is seen up 1.7 percent to over Rs 6,200 crore quarter-on-quarter. And
Tata Steel is expected to report a poor set of numbers with margin
contracting 400 basis points due to weak global pricing and sharply
lower domestic realisations may be the big drag. Infosys rallied 2
percent and TCS gained 1 percent as sources told CNBC-TV18 that TCS
and Infosys emerged as frontrunners for GST IT contract.
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