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Last Updated : Aug 13, 2015 11:04 AM IST | Source: Moneycontrol.com

Nifty below 8400, Sensex steady; Tata Steel slumps 4%

Tata Steel, Vedanta, Hindalco, GAIL and Coal India are down 1-4 percent while Bharti Airtel, Lupin, Infosys, Cipla and HDFC Bank are top gainers in the Sensex.


Moneycontrol Bureau

10:50 am FDA alert: 
Detergent and frozen fat have been found by the Kolkata-based Central Laboratory during re-tests of milk samples collected by district Food and Drugs Administration (FDA) department from Mother Dairy booths here. Ghaziabad FDA yesterday received the re-test reports, from the Kolkata-based laboratory, according to which both samples of "full cream" and "toned" milk were found containing frozen fat and detergent, FDA official Vineet Kumar said.

10:30 am Market outlook:
With each passing day, the Chinese administered devaluation is decreasing. And while China wants to move towards a market mechanism with yuan, it won't be easy, says Arvind Sanger of Geosphere Capital Management. "If they do move to a market-based pricing and don't intervene, then yuan has more bets against it, than for it. So, there will be a lot of PBoC intervention as they would want to limit the fall of the yuan," he told CNBC-TV18. However, shocks from yuan devaluation will reduce in the near term, he adds.

Don't miss: Japan machinery orders tumble in June, add to Q2 GDP fears


The market has cooled off a bit dragged by metal stocks. The Sensex is up 121.54 points or 0.4 percent at 27633.80 and the Nifty is up 37.30 points or 0.4 percent at 8386.75. About 1335 shares have advanced, 812 shares declined, and 110 shares are unchanged.


Tata Steel, Vedanta, Hindalco, GAIL and Coal India are down 1-4 percent while Bharti Airtel, Lupin, Infosys, Cipla and HDFC Bank are top gainers in the Sensex.

Close

Oil prices are mixed in Asia as lingering worries over the crude supply glut held down gains sparked by stronger US demand and a falling dollar, analysts said.


US benchmark West Texas Intermediate for September delivery dropped three cents to USD 43.27 and Brent crude for September gained six cents to USD 49.72 in midday trade. Prices had edged higher from six-year lows yesterday on news that US crude supplies fell a sign of stronger demand  and the dollar declined.


The US Department of Energy yesterday said the estimated amount of crude oil in the country's commercial storage tanks tumbled 1.7 million barrels to 453.6 million barrels in the week ending August 7.



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First Published on Aug 13, 2015 10:00 am
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