NEW DELHI: The S&P BSE Sensex pared gains after rallying as much as 104 points in trade on Tuesday shrugging off mixed cues from other Asian peers.The 50-share Nifty index also came under selling pressure but was trading above the 8,500 level.The gains were led by index heavyweights such as Infosys, SBI, TCS, Reliance Industries and Cipla.The overall market breadth was positive, with five out of every 10 BSE stocks quoting in the positive terrain.The S&P BSE Midcap Index was up 0.49 per cent and BSE S&P Smallcap Index edged higher by 0.38 per cent.

During trading hours, Syngene surged over 22 per cent in intraday trade on its IPO debut. The stock rose to Rs 306 over issue price of Rs 250.Rupee depreciated 28 paise to 64.15 against the US dollar in early trades today. The sharp fall was seen after China’s central bank allowed its domestic currency yuan to depreciate almost 2 per cent against the greenback to levels last seen three years ago. Following the move, most  Asian currencies witnessed pressure. The local currency was no exception.

Asian stocks were trading mixed. China’s Shanghai Composite index declined nearly 0.5 per cent after the Chinese central bank devaluated yuan by 2 per cent against the US dollar. Hong Hong’s Hang Seng was up 0.9 per cent. Japanese Nikkei fell 0.30 per cent. South Korea’s Kospi was up 0.2 per cent. Singapore’s Straits Times was down 0.7 per cent.

Source : http://economictimes.indiatimes.com/markets/stocks/news/sensex-flat-nifty-above-8500-syngene-surges-22-on-ipo-debut/articleshow/48431908.cms