Key benchmark indices weakened once again in mid-afternoon trade. At 14:17 IST, the barometer index, the S&P BSE Sensex, was off 285.60 points or 1.11% at 25,433.98. The CNX Nifty was currently off 86.20 points or 1.1% at 7,732.40. Earlier during the trading session, the Sensex lost 432.08 points at the day's low of 25,287.50. The Nifty lost 140.10 points at the day's low of 7,678.50 earlier during the trading session. Weakness in global stocks weighed on sentiment on domestic bourses.
Stocks in China and Japan led decline in Asian equities after weak Japanese economic data and as a report showing a record rise in job openings in the United States in July sparked worries about a potential interest-rate hike from the US Federal Reserve. Higher US interest rates will reduce the attraction of riskier emerging-markets assets. European stocks edged lower there. US stocks closed sharply lower yesterday, 9 September 2015, as the strong job openings data for July triggered concerns about an imminent hike in interest rates from the Federal Reserve.
Closer home, the broad continued to depict weakness. On BSE, 1,620 shares fell and 831 shares rose. A total of 97 shares were unchanged. The BSE Mid-Cap index was unchanged. The index outperformed the Sensex. The BSE Small-Cap index was down 0.84%. The fall in the index was lower than the Sensex's decline in percentage terms.
In sector trends, shares of auto companies were mixed. Ashok Leyland (down 0.4%) and Maruti Suzuki India (down 0.11%) declined. Eicher Motors rose 2.21%.
Mahindra & Mahindra (M&M) dropped 1.28%. The company has announced the launch of a new sports utility vehicle (SUV), the TUV 300. The SUV will be available in 7 variants, with the basic variant costing Rs 6.90 lakh ex-showroom Pune.
Tata Motors rose 2.7% to Rs 354.20, with the stock turning highly volatile after the company's British luxury car unit Jaguar Land Rover reported a 3% decline in sales at 29,327 units in August 2015 over August 2014. The stock hit high of Rs 354.65 and low of Rs 331.45 so far during the day. Jaguar Land Rover (JLR) announced the sales volume data yesterday, 9 September 2015. Sales of Jaguar rose 5% to 5,335 units in August 2015 over August 2014. Land Rover sales dropped 5% to 23,992 units in August 2015 over August 2014. August month sales were impacted by the Tianjin port explosion on 12 August 2015, which affected up to 5,800 imported JLR vehicles.
Shares of two-wheeler makers rose. Hero MotoCorp (up 0.61%), Bajaj Auto (up 1.43%) and TVS Motor Company (up 0.77%) gained.
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Pharma stocks dropped. Glenmark Pharmaceuticals (down 2.1%), Aurobindo Pharma (down 0.85%), Cipla (down 0.58%), Cadila Healthcare (down 0.65%) and Lupin (down 1.44%), declined.
Sun Pharmaceutical Industries declined 0.12% after reports the company is looking to divest a manufacturing plant in Ireland as it tries to control costs that have spiralled since it bought Ranbaxy Laboratories. The company has been working on resolving issues at Ranbaxy's India-based drug manufacturing sites, all of which have been banned from exporting to its largest market, the United States, over quality control issues, report added.
Dr Reddy's Laboratories declined 1.79%. Dr Reddy's and PanTheryx, Inc., a global medial nutrition company based in Boulder, Colarado, have announced a multi country supply and licensing agreement granting Dr Reddy's exclusive right to market and distribute PanTheryx's nutritional intervention, DiaResQ, for infectious diarrhoea in India and Nepal and in process for Russia, Myanmar, Vietnam, Ukraine, Sri Lanka, Kazakhstan, Belarus, Jamaica and select LATAM markets. Dr Reddy's will market the product in India and Nepal under the Reliqua brand. Dr Reddy's Laboratories made the announcement after market hours yesterday, 9 September 2015.
Era Infra Engineering (down 6.77%), Sundaram Multi Pap (down 5.96%), Lanco Infratech (down 5.45%) and Birla Corporation (down 5.58%) were the top losers from the BSE Small-Cap index.
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