Sensex loses steam, Nifty below 8500; Shanghai falls 5% -- 18 Aug 2015

China's Shanghai Composite index tanked 5 percent, leading led losses in Asia as nerves over China's struggling economy and a deadly bomb explosion in Thailand sent investors scrambling for safety.

                             

The market lost its early momentum as banking & financials and metals & mining saw profit taking after sudden fall in Chinese market. However, technology stocks gained. The 30-share BSE Sensex fell 88.56 points to 27789.71 and the 50-share NSE Nifty declined 30.20 points to 8447.10. About 1362 shares have advanced, 1084 shares declined, and 155 shares are unchanged on the BSE. China's Shanghai Composite index tanked 5 percent, leading led losses in Asia as nerves over China's struggling economy and a deadly bomb explosion in Thailand sent investors scrambling for safety. Infosys gained 1.9 percent as BNP Paribas gave thumbs up to the company after investor meetings with the CFO. The brokerage maintained its buy rating with the target price raised to Rs 1,320 on the back of a Q1 beat and a weaker rupee. TCS, too, rallied 1.9 percent. Moody's cut India's 2015 GDP forecast to 7 percent in light of a drier than average monsoon. The agency, however, retained its 2016 GDP forecast to 7.5 percent. 

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