Nifty reclaims 8,400; Infosys up 2%, Sun Pharma jumps 5%

Markets have come off their day's lows as gains in IT majors and Sun Pharma helped offset some of the losses in financials while the rupee continues to trade near two-year lows amid appreciation of the US dollar after China devalued the yuan.

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   Stock Market Tips    

At 10:40AM, the 30-share Sensex was down 118 points at 27,748 and the 50-share Nifty was down 42 points at 8,420.

In the broader market, the BSE Mid-cap index was down 0.9% and the Small-cap index wsa down 0.8%. Market breadth was weak with 1,520 losers and 638 gainers on the BSE Free Share 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.

RUPEE

The Reserve Bank of India started to sell dollars through state-owned banks at around the 64.85 level to slow the fall in rupee after the domestic currency hit a 23-month low, Reuters reported.

The rupee continued to trade near its lowest level since September 2013 and was trading 55 paise lower at 64.74 to the US dollar after China's surprise move to devalue its yuan  Nifty Trading Tips
GLOBAL MARKETS

Asian markets fell as investors booked profits and stayed away from risky assets and turned to government debt after China allowed the yuan to drop sharply for the second consecutive day. China's Shanghai Composite was down 0.5% while Hang Seng eased  1.8%. However, share in Japan and Singapore witnessed selling pressure with Nikkei down 2% while Straits Times dropped 2.5%.

RESULTS TODAY

Coal India, Ashok Leyland, Aurobindo Pharma, Cadila Healthcare, JSPL, NALCO and Voltas are among some of the prominent companies due to post their results today Commodity Trading Tips


SECTORS & STOCKS

BSE Realty index was the top loser down 2.3% followed by Metal, Capital Goods, Bankex and Auto indices among others. IT, Healthcare and Consumer Durables were among the top gainers.  

In the financials segment, HDFC, ICICI Bank and HDFC Bank were down 0.6-2.1% each.

SBI extended losses and was down 1.2% after it reported lower-than-expected net interest income and sequential rise in non-performing assets. The bank reported a net interest income of Rs 13,732 crore in the quarter ended June 30, 2015 compared to analysts estimate of Rs 15,344 crore. Gross NPA rose to 4.29% from 4.25% on a quarter-on-quarter basis. Net NPA too rose to 2.24% from 2.12% in the previous quarter   Stock Market Tips