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Nifty Slumps In Early Trade On Yuan Devaluation
Benchmark indices were trading lower once again as Chinese Yuan depreciation saw a slide in markets across the globe.
On Tuesday markets from Europe to the US saw a sharp slide with the Chinese Central bank saying that it had undertaken a one time depreciation of the Yuan.
The Sensex was trading with a loss of 146 points, while the Nifty was down 40 points in trade. Banking stocks continued to slide after SBI's results were a big disappointment. Shares in State Bank, Yes Bank, Punjab National Bank and Bank of Baroda were among the gainers.
IT stocks saw good buying interest and were the gainers following the sharp deprecation in the rupee. Infosys, TCS and Tech Mahindra were up on hopes that a fall in the rupee could boost earnings.
Sun Pharma was the top gainer from the Sensex following results that largely matched expectations. NMDC fell 2 per cent after its results lagged estimates.
Other metal and mining stocks were also down including Coal India, Vedanta, NMDC and Hindalco.
Meanwhile, markets across Asia were trading sharply lower following the Chinese central bank decision to devaluate the Yuan. The Hong Kong's Hang Sang, Singapore's Strait Times and the Taiwan Weighted were down almost 1 per cent.
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