Key benchmark indices pared losses after hitting fresh intraday low in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 85.16 points or 0.33% at 25,737.83. The 50-unit CNX Nifty was down 12.90 points or 0.16% at 7,833.05.
High volatility was witnessed as traders rolled over positions in the futures & options (F&O) segment from the September 2015 series to October 2015 series ahead of the expiry of the near month September 2015 contracts. The Sensex fell 152.03 points at the day's low of 25,670.96 in early trade. The Nifty fell 41.85 points at the day's low of 7,804.10 in early trade. The near month September 2015 derivatives contracts are set to expire today, 24 September 2015.
The market breadth indicating the overall health of the market was positive. On BSE, 1063 shares rose and 713 shares fell. A total of 84 shares were unchanged. The BSE Mid-Cap index was up 0.25%. The BSE Small-Cap index was up 0.51%. Both these indices outperformed the Sensex.
In overseas markets, Asian market was trading lower as investors fret over the state of the global economy. Japan's Nikkei average, opening for the first time since Friday after national holidays, was trading sharply lower. US market fell yesterday, 23 September 2015, dragged down by economic reports portraying US factory growth as tepid and China in its worst manufacturing contraction since the global financial crisis.
Latest economic data showed US manufacturing growth stayed at a two-year low in September. Financial data firm Markit said its preliminary US Manufacturing Purchasing Managers' Index for September was 53. That was the same as August, which was its lowest since October 2013.
Metal shares declined. NMDC (down 2.09%), Vedanta (down 1.79%), Tata Steel (down 1.36%), Steel Authority of India (down 0.98%), Hindalco Industries (down 0.89%), Hindustan Copper (down 0.72%), Jindal Steel & Power (down 0.66%), National Aluminium Company (down 0.55%) and JSW Steel (down 0.14%), edged lower. Hindustan Zinc (up 0.33%) and Bhushan Steel (up 1.60%), edged higher.
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Pharmaceutical shares were in demand. Lupin (up 3.35%), Strides Arcolab (up 2.93%), Cadila Healthcare (up 1.44%), Divi's Laboratories (up 0.99%), Piramal Enterprises (up 0.97%), Dr. Reddy's Laboratories (up 0.87%), IPCA Laboratories (up 0.68%), GlaxoSmithKline Pharmaceuticals (up 0.49%), Cipla (up 0.16%), Aurobindo Pharma (up 0.12%), Wockhardt (up 0.04%) and Glenmark Pharmaceuticals (up 0.01%), edged higher. Sun Pharmaceutical Industries was down 0.46%.
Bata India rose 0.65% to Rs 1,114.80 after the company fixed 8 October 2015 as the record date for 2-for-1 stock split. The announcement was made after market hours yesterday, 23 September 2015.
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