A bout of volatility was witnessed as key benchmark indices trimmed losses after hitting their lowest level in more than a week. At 14:16 IST, the barometer index, the S&P BSE Sensex, was off 136.15 points or 0.51% at 26,767.96. The 50-unit CNX Nifty was off 36.55 points or 0.45% at 8,107.05. The Sensex hit its lowest level in more than a week when it lost 185.01 points or 0.68% at the day's low of 26,719.10 in mid-afternoon trade. The Nifty also hit its lowest level in more than a week when it fell 55 points or 0.67% at the day's low of 8,088.60 in mid-afternoon trade.
Weakness in global stocks weighed on sentiment on the domestic bourses. Asian and European stocks dropped after Chinese trade data signaled weakening global and domestic demand, the latest evidence that the world's No. 2 economy is stalling. The latest data showed China's imports and exports, both, fell on year-on-year basis in September 2015.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,319 shares rose and 1,290 shares declined. A total of 120 shares were unchanged. The BSE Mid-Cap index was down 0.12%. The decline in this index was lower than the Sensex's fall in percentage terms. The BSE Small-Cap index was up 0.12%, outperforming the Sensex.
Pharma stocks declined. Glenmark Pharmaceuticals (down 1.92%), Wockhardt (down 1.27%), Sun Pharmaceutical Industries (down 1.35%), Strides Arcolab (down 0.34%), Divi's Laboratories (down 0.33%), GlaxoSmithkline Pharmaceuticals (down 0.33%) and Dr Reddy's Laboratories (down 0.21%) edged lower. Cipla (up 0.1%), Lupin (up 0.28%) and Ipca Laboratories (up 1.18%) edged higher.
FMCG stocks also edged lower. Dabur India (down 2.64%), Godrej Consumer Products (down 2.54%), Britannia Industries (down 2.09%), Nestle India (down 2.33%), Tata Global Beverages (down 1.93%), Bajaj Corp (down 2.02%), Marico (down 0.97%), Jyothy Laboratories (down 1.03%), GlaxoSmithkline Consumer Healthcare (down 0.25%) and Colgate Palmolive (India) (down 0.36%) edged lower. Procter & Gamble Hygiene and Health Care (up 0.24%) edged higher.
Hindustan Unilever was off 0.68% at Rs 809.25. The company is scheduled to announce its Q2 September 2015 results tomorrow, 14 October 2015.
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On the macro front, the latest data showed acceleration in consumer price inflation in September 2015, mainly due to increase in vegetable prices. Another data showed that a surge in production of two items contributed to more than half of the 6.4% increase in industrial production in August 2015. Inflation based on the consumer price index (CPI) increased to 4.4% in September 2015 from with 3.7% in August 2015. The core CPI inflation rose to 4.1% in September 2015 from 3.9% in August 2015. Growth in industrial production (IIP) hit its highest level in almost three years on the back a surge in the output of the manufacturing sector. Gems and jewellery and rubber insulated cables contributed to more than half of the 6.4% increase in industrial production in August 2015.
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