The market recovers a bit from intial knock out. The Sensex is down 195.44 points or 0.7 percent at 27976.25, and the Nifty slips 65.25 points or 0.8 percent at 8445.55. About 514 shares have advanced, 901 shares declined, and 90 shares are unchanged. HUL, Cipla and Dr Reddy's Labs are top gainers while Vedanta, Tata Motors, Hindalco, NTPC and Tata Steel.
Chinese market took its toll on Indian market knocking off yesterday's gains, The Sensex is down 256.65 points or 0.9 percent at 27915.04, and the Nifty slips 71.60 points or 0.8 percent at 8439.20. About 173 shares have advanced, 491 shares declined, and 67 shares are unchanged. Vedanta, Tata Motors, Axis Bank, Hindalco and Lupin are major losers in the Sensex. China has halted trade in stock markets due to irrational selling. China trading halt leaves 43 percent of entire stock market frozen. China's securities regulator warned there was "panic sentiment" in mainland stocks on Wednesday, saying there had been a surge in "irrational selling" as markets plunged further into bear market territory. The statement from the China Securities Regulatory Commission (CSRC) did little to soothe investor worries about tumbling equities, with the Shanghai Composite sinking as much as 8 percent in early trade on Wednesday before paring losses to around 5 percent. Nikkei has fallen most in five years while base metals prices have crashed. Gold fell to a near four-month low overnight while silver sank nearly 7 percent and platinum dropped to a 2009 low, as the dollar rallied. Copper prices hit their lowest level in six years overnight on the dollar gains and on concerns over demand from China. Global cues to watch out today are the Euro zone meeting, FOMC minutes and US earnings season.
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