 "Nifty hovers around 8,650; Cipla jumps 6%")
Markets continued to trade lower, amid weak European cues, with index heavyweights leading the decine while increase in WPI also dampened sentiment.
At 2:40pm, the Sensex was down 73 points at 28,079 and the Nifty50 was down 24 points at 8,648.
Index heavweight Infosys was down 1.4% on reports that its key client Royal Bank of Scotland has scrapped a large project.
Cipla emerged as the top gainer up 6% after the company announced an improvement of around 200 basis points in base business EBITDA (earnings before interest, depreciation and taxes) margin.
Adani Ports extended gains and was up over 4% on the back of robust June quarter earnings.
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(Updated at 1:25pm
A sudden slide in mid-morning trade pushed key benchmark indices lower, with the Sensex falling below the psychologically important 28,000 mark.
At 13:25 PM, the Sensex was down 178.50 points or 0.63% at 27,973.90. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex.
The Nifty was currently down 61.65 points or 0.71% at 8,610.50. The losses on the domestic bourses materialized after the latest data showed that inflation based on the wholesale price index (WPI) accelerated last month.
The Sensex fell 209.75 points, or 0.75% at the day's low of 27,942.65 levels. The index rose 46.70 points, or 0.17% at the day's high of 28,199.10 in morning trade. The Nifty fell 71.70 points, or 0.83% at the day's low of 8,600.45 in early afternoon trade, its lowest level since 11 August 2016. The index rose 10.20 points, or 0.12% at the day's high of 8,682.35 in morning trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,521 shares fell and 907 shares rose. A total of 119 shares were unchanged. The BSE Mid-Cap index was currently up 0.1%, outperforming the Sensex.
The BSE Small-Cap index was currently down 0.24%. The decline in this index was lower than the Sensex's decline in percentage terms.
Inflation based on the wholesale price index (WPI) accelerated to 3.55% in July 2016 from 1.62% in June 2016. The government announced the data during trading hours today, 16 August 2016. The WPI data comes close on the heels of data on consumer price index also showing acceleration last month.
Inflation based on the consumer price index (CPI) accelerated 6.07% in July 2016 from 5.77% in June 2016. The core CPI inflation moved up to 4.52% in July 2016 from 4.39% in June 2016. The data was released after market hours on Friday, 12 August 2016.
Another data showed that industrial production (IIP) expanded 2.1% in June 2016 from a year earlier. The rise was primarily led by expansion in electricity and mining production. The data was released after market hours on Friday, 12 August 2016.
In overseas stock markets, Asian stocks were mixed as the price of crude oil took a breather from a three-day rally. Japanese stocks fell as the yen strengthened against the dollar. The Nikkei 225 Average ended 1.62% lower. Japan's gross domestic product expanded an annualized 0.2% in the April-June quarter, weaker than a 2% expansion in the first three months of the year, Japan's government said yesterday, 15 August 2016.
All three main indices in the US closed at record high yesterday, 16 August 2016, thanks in part to a sharp uptick in oil prices, which boosted energy and materials shares.
Most metal shares edged higher. Hindustan Copper (up 2.34%), Hindustan Zinc (up 1.92%), Vedanta (up 0.96%), Tata Steel (up 0.80%), JSW Steel (up 0.38%), National Aluminium Company (up 0.21%) and Steel Authority of India (up 0.11%), edged higher. Jindal Steel & Power (down 0.5%), NMDC (down 1.04%) and Bhushan Steel (down 1.11%), edged lower.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for September 2016 delivery was currently down 0.07% at $2.150 per pound on the COMEX.
Hindalco Industries edged higher with the stock extending previous trading session's gains triggered by the company reporting strong Q1 June 2016 earnings. The stock was up 3.15%. Hindalco Industries' net profit jumped 381.3% to Rs 294.07 crore on 11.9% decline in net sales to Rs 7501.39 crore in Q1 June 2016 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 34.45% to Rs 1350.90 crore in Q1 June 2016 over Q1 June 2015.
Meanwhile, a foreign brokerage has reportedly maintained its overweight stance on Hindalco stock and has increased target price on the stock in the wake of the company's strong Q1 earnings. The brokerage has also reportedly raised its estimates on Hindalco's EBITDA by 12% for the current financial year (FY 2017) and by 6% for FY 2018.
Most cement shares edged higher. ACC (up 0.94%), UltraTech Cement (up 0.52%) and Ambuja Cements (up 0.36%), edged higher.
Grasim Industries was down 2.2%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
At 2:40pm, the Sensex was down 73 points at 28,079 and the Nifty50 was down 24 points at 8,648.
Index heavweight Infosys was down 1.4% on reports that its key client Royal Bank of Scotland has scrapped a large project.
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Other index losers include, HDFC, TCS and Reliance Industries among others.
Cipla emerged as the top gainer up 6% after the company announced an improvement of around 200 basis points in base business EBITDA (earnings before interest, depreciation and taxes) margin.
Adani Ports extended gains and was up over 4% on the back of robust June quarter earnings.
_____________________
(Updated at 1:25pm
A sudden slide in mid-morning trade pushed key benchmark indices lower, with the Sensex falling below the psychologically important 28,000 mark.
At 13:25 PM, the Sensex was down 178.50 points or 0.63% at 27,973.90. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex.
The Nifty was currently down 61.65 points or 0.71% at 8,610.50. The losses on the domestic bourses materialized after the latest data showed that inflation based on the wholesale price index (WPI) accelerated last month.
The Sensex fell 209.75 points, or 0.75% at the day's low of 27,942.65 levels. The index rose 46.70 points, or 0.17% at the day's high of 28,199.10 in morning trade. The Nifty fell 71.70 points, or 0.83% at the day's low of 8,600.45 in early afternoon trade, its lowest level since 11 August 2016. The index rose 10.20 points, or 0.12% at the day's high of 8,682.35 in morning trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,521 shares fell and 907 shares rose. A total of 119 shares were unchanged. The BSE Mid-Cap index was currently up 0.1%, outperforming the Sensex.
The BSE Small-Cap index was currently down 0.24%. The decline in this index was lower than the Sensex's decline in percentage terms.
Inflation based on the wholesale price index (WPI) accelerated to 3.55% in July 2016 from 1.62% in June 2016. The government announced the data during trading hours today, 16 August 2016. The WPI data comes close on the heels of data on consumer price index also showing acceleration last month.
Inflation based on the consumer price index (CPI) accelerated 6.07% in July 2016 from 5.77% in June 2016. The core CPI inflation moved up to 4.52% in July 2016 from 4.39% in June 2016. The data was released after market hours on Friday, 12 August 2016.
Another data showed that industrial production (IIP) expanded 2.1% in June 2016 from a year earlier. The rise was primarily led by expansion in electricity and mining production. The data was released after market hours on Friday, 12 August 2016.
In overseas stock markets, Asian stocks were mixed as the price of crude oil took a breather from a three-day rally. Japanese stocks fell as the yen strengthened against the dollar. The Nikkei 225 Average ended 1.62% lower. Japan's gross domestic product expanded an annualized 0.2% in the April-June quarter, weaker than a 2% expansion in the first three months of the year, Japan's government said yesterday, 15 August 2016.
All three main indices in the US closed at record high yesterday, 16 August 2016, thanks in part to a sharp uptick in oil prices, which boosted energy and materials shares.
Most metal shares edged higher. Hindustan Copper (up 2.34%), Hindustan Zinc (up 1.92%), Vedanta (up 0.96%), Tata Steel (up 0.80%), JSW Steel (up 0.38%), National Aluminium Company (up 0.21%) and Steel Authority of India (up 0.11%), edged higher. Jindal Steel & Power (down 0.5%), NMDC (down 1.04%) and Bhushan Steel (down 1.11%), edged lower.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for September 2016 delivery was currently down 0.07% at $2.150 per pound on the COMEX.
Hindalco Industries edged higher with the stock extending previous trading session's gains triggered by the company reporting strong Q1 June 2016 earnings. The stock was up 3.15%. Hindalco Industries' net profit jumped 381.3% to Rs 294.07 crore on 11.9% decline in net sales to Rs 7501.39 crore in Q1 June 2016 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 34.45% to Rs 1350.90 crore in Q1 June 2016 over Q1 June 2015.
Meanwhile, a foreign brokerage has reportedly maintained its overweight stance on Hindalco stock and has increased target price on the stock in the wake of the company's strong Q1 earnings. The brokerage has also reportedly raised its estimates on Hindalco's EBITDA by 12% for the current financial year (FY 2017) and by 6% for FY 2018.
Most cement shares edged higher. ACC (up 0.94%), UltraTech Cement (up 0.52%) and Ambuja Cements (up 0.36%), edged higher.
Grasim Industries was down 2.2%. Grasim has exposure to cement sector through its holding in UltraTech Cement.