Markets tumble after yuan devaluation; Nifty breaks 8,400

Markets have extended losses in the morning trades after China allowed the yuan to fall sharply for a second straight day weighed down by financials coupled with weakness in Tata Motors as the depreciating yuan is affecting the JLR sales    Stock Market Tips

At 10 AM, the 30-share Sensex was down 206 points at 27,660 and the 50-share Nifty was down 70 points at 8,392.

Benchmark share indices were trading lower, amid weak global cues after China devalued the yuan, with financials leading the decline. Further, traders are likely to remain cautious ahead of the key macroeconomic numbers, July CPI and June IIP data to be released later during the day.

At 9:40AM, the 30-share Sensex was down 132 points at 27,734 and the 50-share Nifty was down 45 points at 8,418    Nifty Trading Tips

"The trend deciding level for the day is 27,966 / 8,487 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,106 – 28,345 / 8,532 – 8,602 levels. However, if NIFTY trades below 27,966 / 8,487 levels for the first half-an-hour of trade then it may correct towards 27,726 – 27,586 / 8,417 – 8,372 levels," Angel Broking said in a note.