HDFC, Tata Motors, Maruti, SBI and Cipla are top gainers
while Lupin, Coal India, Dr Reddy's Labs, GAIL and BHEL
are losers.
Market closes in deep red: The market closed in red for 6th consecutive day. The
Sensex closed at 15-month low while Nifty was at 14-month low at closing. The 30-share index
ended down 308.09 points or 1.2 percent at 24893.81, and the 50-share index slipped 96.25
points or 1.3 percent at 7558.80.
China GDP revision: China's National Bureau of Statistics said it has revised down
the 2014 GDP growth rate to 7.3 percent from the previously announced 7.4 percent. The
downward revision mainly came from the service industry, whose growth was lowered to 7.8
percent growth from the previously announced 8.1 percent. Beijing is counting on service
industry development to compensate for the slowdown in secondary industry.
Rupee: Rupee slips to a fresh 2-year low. The Indian
currency is valued at 66.82 per dollar. Agam Gupta of
StanChart Bank thinks the USD-INR currency pair will
continue to get influenced by global forex and equity m
oves. He expects to see exporters hedging their USD
receivables on upticks towards 66.80/dollar.
