A bout of volatility was witnessed as key benchmark indices extended gains in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex was up 108.56 points or 0.42% at 25,760.40. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The Nifty was currently up 19.25 points or 0.25% at 7,831.25. The two benchmark indices bounced back from their lowest level in almost two weeks. The strong intraday recovery on the domestic bourses materialized as European stocks nudged higher and as US index futures trimmed losses. Earlier, the Sensex and the Nifty fell more than 1% each in early trade on weakness in Asian stocks triggered by disappointing Chinese manufacturing data.
Trading in US index futures indicated that the Dow Jones Industrial Average could slide 39 points at the opening bell today, 23 September 2015. Earlier, the Dow futures were off about 150 points. US stocks closed sharply lower yesterday, 22 September 2015, as a slump in commodity prices fueled concerns over slowing global growth.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,266 shares rose and 1,104 shares fell. A total of 122 shares were unchanged. The BSE Mid-Cap index was up 0.08%, underperforming the Sensex. The BSE Small-Cap index was up 0.46%, outperforming the Sensex.
In sectoral trends, auto stocks were mixed. Ashok Leyland (up 1.29%), Mahindra & Mahindra (up 1.69%), Hero MotoCorp (up 0.33%) and TVS Motor Company (up 0.11%) edged higher. Bajaj Auto (down 0.98%) and Eicher Motors (down 0.23%) edged lower.
Shares of car makers extended losses registered during the previous trading session after calls for a wider probe globally of the auto industry in the wake of Volkswagen AG admitting to rig emission tests in the US. Tata Motors was off 1.85% at Rs 309.80. Maruti Suzuki India was down 0.2% at Rs 4,462. The scandal surrounding emissions-test cheating at Volkswagen AG deepened after Volkswagen AG yesterday, 22 September 2015, announced that 11 million vehicles world-wide are affected. Late last week, the US Environmental Protection Agency and the California Air Resources Board (EPA and CARB) revealed their findings that while testing diesel cars of the Volkswagen Group they have detected manipulations that violate American environmental standards.
Bosch tumbled 3.12% at Rs 20,258.20 after German parent firm Bosch reportedly said it had delivered components of common jail injection systems to Volkswagen diesel cars which are facing regulatory woes.
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Pharma stocks declined. GlaxoSmithkline Pharmaceuticals (down 0.4%), Cipla (down 0.73%), Ipca Laboratories (down 0.06%), Glenmark Pharmaceuticals (down 0.42%), Strides Arcolab (down 0.81%), Sun Pharmaceutical Industries (down 0.22%), Divi's Laboratories (down 0.02%) and Lupin (down 0.48%) edged lower. Wockhardt (up 0.25%) and Dr Reddy's Laboratories (up 0.52%) edged higher.
Dishman Pharmaceuticals and Chemicals jumped 12.78% at Rs 297.85 after the company announced that it has started supplying the active pharmaceutical ingredient (API) of SIRTURO (bedaquiline), a medicine used in the treatment of multi-drug resistant tuberculosis (MDR-TB), to Janssen Pharmaceutica NV under a license agreement with Janssen. The company made the announcement during market hours today, 23 September 2015.
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