A bout of volatility was witnessed as key indices lost ground once again after trimming losses in afternoon trade. At 14:19 IST, the barometer index, the S&P BSE Sensex, was off 177.86 points or 0.69% at 25,678.84. The 50-unit CNX Nifty was down 63.15 points or 0.8% at 7,809.10. Power generation and power distribution firms saw mixed trend. Pharma stocks dropped.
The market breadth indicating the overall health of the market was weak. On BSE, 1,483 shares declined and 982 shares rose. A total of 92 shares were unchanged. The BSE Mid-Cap index was down 0.92%. The decline in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was down 0.63%. The decline in this index was lower than Sensex's decline in percentage terms.
Overseas cues were negative. European stocks reversed initial gains. Chinese stocks led decline in Asian markets after a recent batch of disappointing Chinese economic data. US stocks edged lower yesterday, 14 September 2015, on caution ahead of a US Federal Reserve meeting later this week that could end with the first rate-increase in nearly a decade. The Fed's policy-making committee holds a two-day meeting on 16 and 17 September 2015. The Fed has held its benchmark short-term interest rate near zero since December 2008.
Closer home, power generation and power distribution firms saw mixed trend. Adani Power (down 3.63%), Reliance Infrastructure (down 3.04%), Reliance Power (down 2.51%), JSW Energy (down 2.09%), Jaiprakash Power Ventures (down 0.83%), GVK Power & Infrastructure (down 0.72%) and Tata Power (down 1.54%) edged lower. Torrent Power (up 0.87%), NTPC (up 1.23%), Power Grid Corporation of India (up 1.06%) and NHPC (up 0.62%) edged higher.
Pharma stocks declined. Strides Arcolab (down 2.77%), Glenmark Pharmaceuticals (down 1.58%), Dr Reddy's Laboratories (down 0.89%), Cipla (down 0.55%), Lupin (down 0.37%) and GlaxoSmithkline Pharmaceuticals (down 0.12%) edged lower. Wockhardt (up 1.09%) and Ipca Laboratories (up 0.15%) edged higher.
Sun Pharmaceutical Industries (Sun Pharma) rose 1.14% at Rs 866.90 on media reports that the company's subsidiary Taro Pharmaceutical Industries (Taro Pharma) launched drug Keveyis at a high price of $163.8 per tablet of 50mg in the United States. Keveyis is indicated for the treatment of primary hyperkalemic periodic paralysis, primary hypokalemic periodic paralysis, and related variants. Taro Pharma had last month received approval from the US drug regulator to launch Keveyis.
Divi's Laboratories was off 0.08% at Rs 2,186. The stock hit a high of Rs 2,222.40 and a low of Rs 2,181.35 so far during the day. The company after market hours yesterday, 14 September 2015, said it has fixed 26 September 2015 as record date for the purpose of determining the eligibility of shareholders entitled to receive 1:1 bonus shares.
Shares of Gujarat Gas hit a lower circuit limit of 5% at Rs 646 on BSE on its relisting on the bourses. The stock opened at Rs 680 which was also the day's high for the counter so far during the trading session. The current Gujarat Gas entity is the outcome of merger of Gujarat Gas Company (GGCL), Gujarat State Petroleum Corporation, Gujarat Gas Financial Services, Gujarat Gas Trading Company and GSPC Distribution Networks. Pursuant to the scheme of amalgamation, 1 share of Rs 10 each of Gujarat Gas was issued for every 1 share of Rs 2 each held in Gujarat Gas Company, 81 shares of Rs 10 each of Gujarat Gas were issued for every 76 shares of Rs 10 each held in GSPC Gas Company and 1 share of Rs 10 each of Gujarat Gas was issued for every 1 share of Rs 10 each held in Gujarat Gas Financial Services.
On the macro front, the latest data showed that inflation based on the consumer price index (CPI) remained benign last month. The headline CPI inflation eased to 3.66% in August 2015 from 3.69% in July 2015. Among the CPI components, the inflation for food and beverages rose to 2.9% in August 2015 from 2.8% in July 2015. The core CPI inflation declined to 3.8% in August 2015 from 4% in July 2015.
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