A bout of volatility was witnessed as key benchmark indices trimmed losses after extending intraday slide in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was down 35.93 points or 0.15% at 24,637.91. The decline in the Nifty 50 index was higher than the Sensex's fall in percentage terms. The Nifty was currently down 20.20 points or 0.27% at 7,535.
The Sensex hit its lowest level in nearly four weeks when it lost 150.64 points or 0.61% at the day's low of 24,523.20 in afternoon trade. The barometer index rose 117.52 points or 0.47% at the day's high of 24,791.36 at the onset of the trading session, its highest level since 7 April 2016. The Nifty hit 3-1/2-week low when it lost 38.35 points or 0.5% at the day's low of 7,516.85 in afternoon trade. The index rose 25.60 points or 0.33% at the day's high of 7,580.80 at the onset of the trading session, its highest level since 7 April 2016.
In overseas stock markets, European markets edged lower in early trade as oil reversed initial gains. Asian stocks witnessed a mixed trend. Chinese stocks edged higher after bullish remarks from a Chinese investment analyst on China A-shares or yuan-denominated stocks trading on the mainland. In mainland China, the Shanghai Composite closed 1.64% higher. In Hong Kong, the Hang Seng index was currently up 0.13%. Meanwhile, the latest data showed that China's consumer price index rose 2.3% in March from a year earlier, the same as February's tally. The producer price index fell 4.3% in March from a year earlier, compared with a 4.9% year-over-year drop in February. The index has lingered in deflationary territory for more than four years.
US stocks registered small gains during the previous trading session on Friday, 8 April 2016, as yen eased from its highest level against the dollar in almost 18-months after Japan's finance minister Taro Aso said he may act against what he termed one-sided yen rise. The yen, typically viewed as a safe-harbor asset, edged higher in recent trading sessions as fears that global central banks won't be able to fix the sluggish global economy sapped investor sentiment and spurred a flight to perceived safety. Meanwhile, New York Fed President William Dudley on Friday, 8 April 2016, said that the US central bank must maintain a cautious and gradual approach to raising interest rates.
Closer home, the market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,219 shares fell and 1,157 shares rose. A total of 105 shares were unchanged. The BSE Mid-Cap index was currently up 0.42%. The BSE Small-Cap index was currently up 0.21%. Both these indices outperformed the Sensex.
Cement stocks edged lower. Ambuja Cements (down 1.47%), ACC (down 0.79%) and UltraTech Cement (down 0.21%) declined. Shree Cement (up 1.03%) rose.
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Grasim Industries was down 1.36%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Auto stocks witnessed a mixed trend. TVS Motor Company (up 0.14%), Hero MotoCorp (up 0.54%), Maruti Suzuki India (up 0.56%) and Ashok Leyland (up 0.47%) edged higher. Mahindra & Mahindra (down 1.83%), Eicher Motors (down 0.85%) and Bajaj Auto (down 0.36%) edged lower.
Tata Motors rose 0.71% at Rs 374.85 after the company said that its global wholesales including Jaguar Land Rover (JLR) rose 11% to 1.18 lakh units in March 2016 over March 2015. The company announced the monthly global wholesale volume data during market hours today, 11 April 2016.
Orchid Pharma surged 7.61% at Rs 41.70 after the company said it has successfully obtained the Establishment Inspection Report from the US Food and Drug Administration (USFDA) based on the successful inspection closure for the company's active pharmaceutical ingredient (API) manufacturing facility located in Alathur at Kancheepuram district in Tamil Nadu. The facility was inspected by USFDA in August 2015. The announcement was made during trading hours today, 11 April 2016.
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