IntradayTrade dot Net dot IN
Market Report

Tuesday, 11-Aug-2015

NSE

  • The S&P BSE Sensex ended the session down 235.63 points, or -0.84 per cent at 27,866.09 today. The broader 50-share Nifty index fell 63.25 points, or -0.74 per cent, to settle the day at 8,462.35 today. Like yesterday, the Nifty gave up its early gains and closed below the psychological level of 8,500. A high of 8,556.25 and a low of 8,441.30 was touched by the Nifty in intraday trade today.

  • Market sentiment was hurt as investors turned jittery over the logjam in Parliament about the key goods and service tax (GST) bill and global volatility after China unexpectedly devalued its currency. Finance Minister Arun Jaitley tabled the GST Bill in the Rajya Sabha today. But the Rajya Sabha was later adjourned for the day. With only two days for the monsoon session to end, investors worry that a key reform on goods and services tax might get delayed amid continued protests by the opposition.

  • Benchmark share indices continued to trade weak in late noon trades today with SBI leading the decline on concerns over weak earnings and rising non-performing assets. Further, the government will announce index based on consumer price inflation for July and index of industrial production for June tomorrow.

  • Global currencies reacted sharply to the devalaution of the Chinese currency, which recorded its biggest single day fall since 1994. Sterling hit a 10-month high, while euro also rose to its 1-1/2 month high. Following the move, most Asian currencies witnessed pressure. The local currency was no exception. Rupee depreciated 38 paise to 64.25 against the US dollar in early trades today.

  • The entire episode of the parliament not functioning for its entire duration of the sessions is very very unfortunate, said Sudip Bandyopadhyay of Destimoney Securities. We were all looking forward to the passage of the GST Bill at least because we all thought that there was very little dispute on the economic logic of the GST bill. We are still hoping that by some miracle this may get passed in the Rajya Sabha over the next 24 to 48 hours. Let us hope for the best, he adds.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)