Sensex slips further on weak global cues; oil, steel lose shine 1-sep-2015

Markets have commenced lower tracking weak trend in the global peers over persistent China woes and prospects of a rate hike by the US fed.

Global market: Asian shares fell on Tuesday and the dollar struggled after twin surveys showed China's manufacturing sector in the grip of its worst slump in several years, raising fresh fears about the health of its economy.
China's official Purchasing Managers' Index (PMI) fell to 49.7 in August from the previous month's reading of 50.0, the weakest showing in three years.
Japan’s Nikkei, Straits Times, China’s Shanghai Composite and Hong Kong’s Hang Seng are down between 1-3%.
The early indicator SGX Nifty has slumped 1% at 7,914 levels. Losses on Wall Street also soured Asian sentiment after comments from Federal Reserve Vice Chairman Stanley Fischer heightened fears among investors of a potential US interest hike in September. US stock futures in Asia were down 1.5%.

Rupee
The rupee depreciated 3.6% in August to end at 66.48.
The rupee had ended at 64.14 per dollar on July 31.
This was the second worst fall for the rupee and the last one was recorded in August 2013 when during the month the rupee had depreciated by 8.83%.

Macro-economic data
India's economy grew 7% during the first quarter of the current financial year, slower than 7.5% in the previous quarter but faster than 6.7% in the year-ago quarter.
Growth in the eight core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — slowed to 1.1% in July after a growth of three per cent in June, mainly on account of low expansion in coal output and contraction in steel, crude oil and natural gas production that hinted at a weak industrial recovery.