Private sector banks, auto and pharma sector stocks and index heavyweights ITC and Reliance Industries led losses for key benchmark indices which languished in red almost throughout the trading session. The barometer index, the S&P BSE Sensex, dropped 182.35 points or 0.68% at 26,853.32, as per the provisional closing data. The 50-unit CNX Nifty declined 48.05 points or 0.59% at 8,129.35, as per the provisional closing data. The Sensex provisionally settled below the psychological 27,000 mark. Modest gains had helped the Sensex reclaim the psychological 27,000 mark yesterday, 7 October 2015.
The Sensex and the Nifty snapped six-day winning streak today, 8 October 2015.
The market breadth indicating the overall health of the market was negative. On BSE, 1,479 shares fell and 1,272 shares rose. A total of 109 shares were unchanged. The BSE Mid-Cap index was provisionally down 1.01%. The fall in the index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was provisionally down 0.15%. The fall in the index was lower than Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3074 crore, lower than turnover of Rs 3250.25 crore registered during the previous trading session.
Tata Power Company declined 0.43%. The company announced that it has launched a LED tube light program for its residential consumers in Mumbai to encourage them to adopt energy efficient lights, thereby saving power. The company announced during market hours today, 8 October 2015. Under this programmer, each residential consumer is eligible to procure 5 LED tube lights fittings at a price of Rs 525 each, against a market price of Rs 1325 each.
Most pharma shares declined. Cadila Healthcare (down 3.32%), Glenmark Pharmaceuticals (down 3.84%), Lupin (down 0.95%), Sun Pharmaceutical Industries (down 1.41%), GlaxoSmithKline Pharmaceuticals (down 0.69%), and Wockhardt (down 0.27%) declined. Dr Reddy's Laboratories rose 0.48%.
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Cipla slipped 0.32%. The company announced that its South African subsidiary Cipla Medpro (Pty) Ltd. has entered into an exclusive agreement with the world's largest vaccine manufacturer, Serum Institute of India (SII) in South Africa to supply of vaccines in South Africa. SII manufactures a variety of vaccine classes including vaccines for Polio, Diphtheria, Tetanus, BCG (Tuberculosis), Hepatitis B, Measles, Mumps and Rubella. South Africa will be participating in the majority of these portfolios. Cipla Medpro has exclusivity and first right of refusal of the SII pipeline within South Africa.
Separately, Cipla announced after market hours yesterday, 7 October 2015, that Cipla (EU), a wholly owned subsidiary of the company, has entered into a definitive agreement with Biopharma SPA for establishing a joint venture company in Algeria. The joint venture company will manufacture and market respiratory products facilitating Cipla's front-end presence in Algeria. As per Cipla's announcement made in February this year when it had announced a binding term sheet for establishing the joint venture in Algeria, Cipla (EU) will hold a 40% stake in the joint venture company while the remainder will be held by a Biopharm-led Algerian consortium. Cipla had also announced at that time that its initial investment in the joint venture company is estimated at $6 million and that the joint venture company will make an investment of up to $15 million for the construction of a manufacturing facility.
Most auto stocks declined. Ashok Leyland (down 1.4%), Eicher Motors (down 1.4%), Maruti Suzuki India (down 0.49%), TVS Motor Company (down 0.23%) and Bajaj Auto (down 0.71%) declined. Tata Motors (up 0.82%) and Hero MotoCorp (up 0.82%) edged higher.
Mahindra & Mahindra (M&M) declined 0.98%. The company announced during market hours today, 8 October 2015, that global credit rating agency Moody's Investors Service has assigned Baa3 foreign currency and local currency issuer rating with stable outlook to the company. The rating reflects M&M's diversified business profile, leading market position in India, long track record of successful operations, strong corporate governance practices, financial flexibility and conservative financial policies.
Rajesh Exports rose 1.85% after the company said it has secured an export order worth Rs 1360 crore of designer range of gold and diamond studded jewellery and medallions from UAE. The company announced the new order during market hours today, 8 October 2015. Rajesh Exports said that the execution of its latest export order will significantly add to the bottom line of the company.
In overseas stock markets, European stocks edged higher in volatile trade as weak exports data from Germany fueled expectations that the European Central Bank will launch more easing measures. The weak German exports data comes close on the heels of recent weak industrial output and manufacturing orders data in Europe's biggest economy. Trading in US stock index futures pointed to losses for US stocks at the opening bell. In Asia, stocks in mainland China edged higher, catching up to a rally in global equities as trading resumed after a week-long break. The Shanghai Composite ended with a gain of 2.97%.
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