Amid high intraday volatility, the key benchmark indices cut losses after hitting fresh intraday low in mid morning trade. Data showing India services growth slowing in August on weaker demand weighed on the sentiment. The market breadth, indicating the overall health of the market, turned negative from positive. Auto and pharma stocks declined. Asian cues were positive.
On the macro front, data released today showed that the IHS Markit India Services Business Activity Index declined to 52.4 in August from 53.8 in July, pointing to a slower rate of increase in output.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 107.28 points or 0.29% at 36,455.54. The Nifty 50 index was down 43.55 points or 0.4% at 10,754.50.
The S&P BSE Mid-Cap index was down 0.75%. The S&P BSE Small-Cap index was down 0.36%.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 830 shares rose and 1,057 shares fell. A total of 109 shares were unchanged.
Bharti Airtel (up 1.87%), SBI (up 1.38%), Vedanta (up 0.71%) and HDFC Bank (up 0.7%) were top gainers on BSE Sensex.
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Auto stocks declined, extending yesterday's slide triggered by poor monthly sales. Ashok Leyland (down 5.28%), Tata Motors (down 4.88%), Maruti Suzuki India (down 3.45%), Mahindra and Mahindra (down 1.87%), Bajaj Auto (down 1.06%) were the key losers.
Pharma stocks fell. Key losers include Glenmark Pharmaceuticals (down 4.72%), Divi's Laboratories (down 2.68%), Wockhardt (down 2.48%), Cadila Healthcare (down 2.2%) and Aurobindo Pharma (down 2.08%) declined.
Sun Pharmaceutical Industries lost 5.56%. Sebi has reportedly ordered a forensic audit after media reported allegations of financial irregularities and lapses in corporate governance standards.
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