(Photo: PTI)
10.25 am: BSE Bankex index fell over 1.5 per cent. HDFC Bank cuts base rate by 35 basis points to 9.35 per cent from September 1. According to analysts, After this cut most banks base rates are 35-65 basis points higher than HDFC Bank and they will have to take some hit on NIMs if they match it.
10.18 am: The market breadth indicating the overall health of the market was weak. Index heavyweights HDFC and Hindalco were down over 2 per cent. Sensex was down 225 points at 26,057.12
9.23 am: Sensex was down 214.40 points at 26,068. Nifty was down 66 points at 7,905.25.
Domestic stock market opened in red on Tuesday on the back of slowdown in GDP growth rate in Q1 June 2015 and weak Asian markets. The BSE Sensex and NSE Nifty opened 156.05 points and 63.35 points lower at 26,127 and 7,907.95, respectively.
Monday’s government data showed gross domestic product expanded at an annual 7 per cent rate in the April-June quarter, matching China, but slower than provisional growth of 7.5 per cent in the previous quarter.
The BSE Sensex on Monday closed 109.29 points, or 0.41 per cent lower at 26,283.09. NSE Nifty closed 30.65 points, or 0.38 per cent, down at 7971.30.
Global Markets
Asian shares fell on Tuesday and the dollar struggled after twin surveys showed China’s manufacturing sector in the grip of its worst slump in several years, raising fresh fears about the health of its economy.
China’s official Purchasing Managers’ Index (PMI) fell to 49.7 in August from the previous month’s reading of 50.0, the weakest showing in three years.
Asian peers, Hang Seng, Nikkei 225 and Shanghai were also down 0.46 per cent, 2.38 per cent and 2.29 per cent at 21,571.57, 18440.28 and 3137.60, respectively.
(With inputs from Agencies)
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