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Last Updated : Aug 12, 2015 12:28 PM IST | Source: Moneycontrol.com

Sensex, Nifty remain under pressure; Sun Pharma gains 4%

Sun Pharma, Infosys, Tata Steel, TCS and Lupin are top gainers while Hindalco, Coal India, Tata Motors, Vedanta and Bharti Airtel are among losers in the Sensex.


Moneycontrol Bureau

11:50 am Indirect tax:
The Finance Ministry said a steady 37 percent growth in indirect tax collections in four months to July reflects that underlying momentum in the economy is improving.

"These collections indicate that the underlying momentum in the economy continues to improve across all sectors," Chief Economic Advisor Arvind Subramanian told reporters here.

Indirect tax revenue jumped over 37 percent to over Rs 2.1 lakh crore in April-July of the current fiscal on the back of higher excise duty mop-up.

11:30 am Monsoon session:
Just two days left for the Monsoon session of Parliament to end and it seems unlikely that the government will able to pass the much-awaited Goods and Services Tax Bill in this session.


Amidst uproar by opposition parties, Finance Minister Arun Jaitley on Tuesday introduced the GST Bill in the Rajya Sabha. However, discussions could not be held on the same due to the pandemonium forcing the Speaker to adjourn of the House for the day.


Congress President Sonia Gandhi has told her MPs that they must not budge from the party's stance-- on not allowing house to function over the row surrounding former Indian Premier League chief Lalit Modi and Vyapam scam.

Don't miss: China to allow further 4% yuan fall: Ex-IMF China chief

Close

The market has recovered a bit with the Nifty over 8400 level. The 50-share index is at 8423.70, down 38.65 points or 0.5 percent. The Sensex is down 98.29 points or 0.3 percent at 27767.80. About 744 shares have advanced, 1519 shares declined, and 132 shares are unchanged.


Sun Pharma, Infosys, Tata Steel, TCS and Lupin are top gainers while Hindalco, Coal India, Tata Motors, Vedanta and Bharti Airtel are among losers in the Sensex.


Crude oil prices fell again as China allowed its currency to fall sharply for a second day, triggering concerns over the country's economic health just as oil production hit multi-year highs.


Brent futures initially edged up before continuing their slide of the last two months as China's yuan hit a four-year low, slipping further a day after authorities devalued the yuan in a move to support its struggling economy and which sparked fears of a global currency war.


A lower yuan erodes Chinese purchasing power for dollar-denominated imports like oil, potentially hitting fuel demand.



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First Published on Aug 12, 2015 11:04 am
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