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Sensex Falls As Chinese Yuan Devaluation Spooks Global Markets
Benchmark indices ended the day lower as China devalued the Yuan raising worries that the country would become more competitive on the export front vis-a-vis other nations including India.
Asian markets ended the day lower, while European markets were trading deeply in the red on fears of the Chinese Yuan devaluation. Check Sensex gainers and losers
Both the stocks also climbed after the rupee fell against the dollar. State Bank of India was the big loser in trade after the company's results disappointed the street.
Other PSU banking stocks like Bank of India and Oriental Bank of Commerce also lost ground from the space following the State Bank results.
Shares in Sun TV, which had slumped a huge 6 per cent in trade following the Madras High Court's decision to cancel the bail plea of Dayanidhi Maran recovered to end the day flat.
Tata Motors was among the big losers in trade despite reports that the company would build a new plant in Slovakia.
Meanwhile, markets across Europe were trading deeply in the red following the Chinese Yuan devaluation.The German DAX and the French CAC were seeing cuts of more than one per cent.
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