Nifty above 8500, Sensex flat; Tata Steel falls, SBI up 1% -- 11 Aug 2015

Tata Steel, Sun Pharma, Bajaj Auto, HDFC and HUL are major laggards while Infosys, SBI, Dr Reddy's Labs and Vedanta are top gainers.
                                   

The market opened higher but soon turned flat. The Sensex is down 8.29 points at 28093.43, and the Nifty is down 8.80 points at 8516.80. About 619 shares have advanced, 237 shares declined, and 65 shares are unchanged. Tata Steel, Sun Pharma, Bajaj Auto, HDFC and HUL are major laggards while Infosys, SBI, Dr Reddy's Labs and Vedanta are top gainers. The Indian rupee plunged in. The currency has opened lower by 29 paise at 64.16 per dollar against previous close of 63.87. Tirthankar Patnaik of Mizuho Bank said, "Expect rupee to remain weak in the medium-term as Indian equities align with global risk-off concerns and incremental disappointment on reform process by the government." The US dollar slipped from a nearly four-month high after comments from the US Federal Reserve's vice chairman stoked uncertainty over whether the US Central Bank would hike rates in September. Equity markets in China were choppy early, on the back of unexpected news that the People's Bank of China (PBOC) is implementing a one-time depreciation of nearly 2 percent to the Chinese yuan. Elsewhere in Asia, market indices were mostly higher, taking the lead from a rally on Wall Street overnight and as a rebound in gold and crude oil prices overnight helped to drive risk appetite. Brent was up USD 1.78 at USD 50.39 a barrel and US crude ended up USD 1.09 at USD 44.96 a barrel, up from a session low of USD 43.35 during Asian trading, its lowest in four and a half months. In early Asian trade, spot gold hovered near USD 1,100 an ounce after posting its biggest increase in more than seven weeks on Monday, as the U.S. dollar turned lower on comments from Federal Reserve officials that raised uncertainty about a September rate hike.

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