Key equity indices pared losses in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 24.95 points or 0.07% at 34,708.63. The Nifty 50 index was down 11.65 points or 0.11% at 10,460.85. Sentiment continued to be fragile as rising oil prices and a weakening rupee added to woes during the earnings season, amid negative Asian cues.
The official Wholesale Price Index (WPI) for 'All Commodities' (Base: 2011-12=100) for September 2018 rose by 0.7% to 120.8 (provisional) from 120.0 (provisional) for the previous month. The annual rate of inflation, based on monthly WPI, stood at 5.13% (provisional) for September 2018 (over September 2017) as compared to 4.53% (provisional) for the previous month and 3.14% during the corresponding month of the previous year, Ministry of Commerce & Industry said in a statement during trading hours today, 15 October 2018.
Among secondary barometers, the BSE Mid-Cap index was up 0.57%. The BSE Small-Cap index was up 0.99%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1417 shares rose and 927 shares fell. A total of 133 shares were unchanged.
Cement shares declined. Ambuja Cements (down 4.47%), UltraTech Cement (down 2.87%) and ACC (down 1.39%), edged lower.
Grasim Industries was down 0.83%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Most telecom share rose. Vodafone Idea (up 3.34%), Reliance Communications (up 1.67%), Tata Teleservices (Maharashtra) (up 1.37%) and MTNL (up 0.94%), edged higher. Bharti Airtel was down 1.05%.
Telecom tower infrastructure provider Bharti Infratel was up 1.29%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.9725, compared with its close of 73.57 during the previous trading session.
In the global commodities markets, Brent for December 2018 settlement was up 92 cents at $81.35 a barrel. The contract had risen 17 cents, or 0.21% to settle at $80.43 a barrel during the previous trading session.
On the macro front, India's industrial production (base year 2011-12=100) increased at moderate pace of 4.3% in August 2018, compared with 6.5% growth recorded in July 2018. The industrial production growth for July 2018 has been revised marginally downwards from 6.6% increase reported provisionally.
The all-India general CPI inflation rose marginally to 3.77% in September 2018 (new base 2012=100), compared with 3.69% in August 2018. The corresponding provisional inflation rate for rural area was 3.34% and urban area 4.31% in September 2018 as against 3.41% and 3.99% in August 2018. The core CPI inflation declined to 5.82% in September 2018 compared with 5.95% in August 2018.
Overseas, most Asian shares were trading lower as worries over US-China trade disputes, a possible slowdown in the Chinese economy and higher US borrowing costs tempered optimism despite a rebound in global equities late last week.
US stocks ended higher on Friday, with equities rebounding from a multi-day rout that slashed 1,400 points from the Dow Jones Industrial Average at its worst and left the Nasdaq on the precipice of a correction.
In the latest economic data, import prices rose 0.5% in September. Separately, an index of consumer sentiment fell to 99 from a previous reading of 100.1.
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