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Last Updated : Aug 13, 2015 01:09 PM IST | Source:

Sensex, Nifty off day's high; rupee hits 65/$, metals down

Cipla, Lupin, Bharti, M&M and Hero are top gainers while Tata Steel, Vedanta, Hindalco abd GAIL are among losers.

Moneycontrol Bureau

12:50 pm Gold: 
Gold demand hit a six-year low in the second quarter, a World Gold Council report showed on Thursday, as sluggish price movement and the prospect of better returns in equities curbed interest in the metal.

Demand fell 12 percent to 914.9 tonnes, with declines in China and India accounting for nearly half of the drop, the WGC said.

Globally, jewellery buying fell 14 percent, investment slid 11 percent, and central bank buying was 13 percent lower.

"Jewellery demand came under pressure from negative consumer sentiment, while investment was a casualty of directionless prices and stock market gains," the WGC said.

12:30 pm Rupee outlook: 
The devaluation of the yuan should not be seen as a sign of China wanting to wage a currency war, but it is more to do with China's ambitions to facilitate yuan's inclusion in Special Drawing Rights (SDR), says Dennis Tan, Fx Strategist, Barclays. He adds that it should be seen more as a liberalisation or a reform measure to improve he fixing mechanism so that it reflects the market rates.


"We do not think it's a currency war. We think it is more in line with China's ambition to facilitate the yuan's inclusion in special drawing rights (SDR). So this should be more seen as liberalisation or a reform measure to improve the fixing mechanism so that flex the market rates," he says

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The market is still steady even though rupee has weakened. The Sensex is up 94.63 points or 0.3 percent at 27606.89 and the Nifty is up 31.50 points or 0.4 percent at 8380.95.About 1309 shares have advanced, 1160 shares declined, and 133 shares are unchanged.

Rupee slipped close to the 65 mark on big dollar buying by corporates and by FIIs. RBI is suspected to have sold at 64.99. Finance Secretary, Rajiv Mehrishi says rate cut will help credit flows, exports and industry.

Cipla, Lupin, Bharti, M&M and Hero are top gainers while Tata Steel, Vedanta, Hindalco abd GAIL are among losers.

Meanwhile, setting aside the Food Safety and Standards Authority of India (FSSAI) ban order on Nestle's Maggi noodles, the Bombay High Court today told the food authority to justify the ban on six variants of the product.

However, Nestle will not be able to sell its marquee product just yet. The court has ruled that preserved samples will now have to be tested in three different labs located in Jaipur, Mohali and Hyderabad in a span of 6 weeks.

The company will have to send five samples of each batch to three food testing labs and will not be allowed to either manufacture or sell until the tests are completed.

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First Published on Aug 13, 2015 12:00 pm
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