The market choppy and is in the red. The Nifty is below the 8,500 mark dragged lower by metal stocks but pharma stocks provide some support. The Sensex is down 7.53 points at 27924.11 and the Nifty is down 14.05 points or at 8481.10. About 952 shares have advanced, 1328 shares declined, and 91 shares are unchanged.
Lupin, Sun Pharma, ITC, HUL, Dr Reddy's are top gainers in the Sensex. Among the losers are Vedanta, Infosys, Tata Steel, GAIL and ONGC. The International Monetary Fund said it will freeze its benchmark currency basket until October 2016, giving markets more time to adjust to the possible addition of China's yuan as part of a review of global reserve currencies.
The IMF board is scheduled to decide in November whether the yuan will join the Special Drawing Rights basket. Beijing loosened government controls on the yuan this month, allowing its value to fall sharply. The IMF saw the policy shift as a step toward a freer exchange rate, potentially setting the stage for the yuan to become part of the SDR basket.
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