Selling pressure intensified towards the end as concerns over China's currency devaluation weighed on global stock markets. While the BSE-Sensex today closed lower by 354 points, the NSE-Nifty closed lower by 109 points. Midcaps and Smallcaps too saw a similar trend today. The S&P BSE Midcap index closed the day lower by 2.5%, the S&P BSE Smallcap index closed the day lower by 2.1%. Among sectoral indices, realty and metal stocks were top losers.
Asian stock markets finished sharply lower today with shares in Hong Kong leading the losses in the region. The Hang Seng closed down by 2.37% while Japan's Nikkei 225 was off 1.58% and China's Shanghai Composite came in lower by 1.06%. European shares extended their sell-off on Wednesday from the previous session. The rupee toppled 64 paise to trade at 64.83 against the US$.
Heavy selling activity was witnessed across all the banking stocks with Canara bank and Union Bank being the leading losers. According to a leading financial daily, State Bank of India (SBI) is planning to sell stake in its insurance units by the end of the year. The valuation process for the stake sale has already begun. State-run lender has two insurance subsidiaries -- SBI Life Insurance and SBI General Insurance. SBI has partnered with BNP Paribas Cardif to form the life insurance arm -- SBI Life Insurance - in which SBI holds 74%. In SBI General Insurance, it owns 74% while Insurance Australia Group holds the remaining stake. Shares of State Bank of India (SBI) tumbled more than 4% in intraday trading.
According to a leading financial daily, Tata Motors subsidiary Jaguar Land Rover has signed a letter of intent with the Government of the Slovak Republic for the potential development of a new manufacturing plant in the city of Nitra in western Slovakia. With its established premium automotive industry, Slovakia is an attractive possible development opportunity. The move marks the next step in the company's strategy to become a more competitive global business by expanding its manufacturing operations into new international locations in the future. Over the past five years, JLR has employed more than 20,000 people taking its workforce to more than 36,000 and invested more than £11 billion in new product creation and capital expenditure. Tata Motors earns more than 80% of its revenues from JLR sales.