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Alliance Research -- Sensex slips over 250 pts, Nifty below 8450 on China woes

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Alliance Research -- Sensex slips over 250 pts, Nifty below 8450 on China woes
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Allianceresearch Jabalpur
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Thumbs down Alliance Research -- Sensex slips over 250 pts, Nifty below 8450 on China woes - July 8th, 2015

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.

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. Meanwhile, Greek drama drags on as the Greek government has to present a detailed reform proposals to allow a bailout deal by a Sunday summit. Failure to reach a deal would make a "Grexit" more likely. US stocks posted a sharp recovery in the second half of the session to erase earlier losses. At the closing bell, the Dow Jones Industrial Average gained 0.5 percent, the S&P 500 added 0.6 percent and the Nasdaq Composite moved 0.1 percent higher. European markets closed sharply lower on concerns that Greece’s negotiations with its creditors will drag on without a viable debt plan. Nymex trades above 52 dollars per barrel while Brent holds above the 56 dollar mark. Iran’s determination to seal a nuclear deal with global powers to bring more of its crude to an oversupplied market and the restart of a key oil terminal in Libya also weighed on oil prices.

Source : http://www.cnbc.com/id/102813031
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Last edited by kartik; July 8th, 2015 at 12:00 PM..
   
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