Auto stocks edge lower

Data showing inflation based on the wholesale price index (WPI) remaining in negative zone in September 2015 failed to move markets as key benchmark indices languished in negative zone in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex was down 24.64 points or 0.09% at 26,821.89. The 50-unit CNX Nifty was down 11.70 points or 0.14% at 8,120. The market breadth indicating overall health of the market was positive. On BSE, 1,395 shares rose and 970 shares fell. A total of 130 shares were unchanged. The BSE Mid-Cap index was down 0.18%. The decline in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was up 0.52%, outperforming the Sensex.

On the macro front, the latest data showed that the annual rate of inflation based on monthly wholesale price index (WPI) stood at negative 4.54% (provisional) for September 2015 as compared to negative 4.95% (provisional) in August 2015. The Reserve Bank of India's (RBI) main inflation gauge which is the consumer price index accelerated last month, as per data released by the government early this week.

In overseas stock markets, Japanese stocks led decline in Asian markets as China's inflation data for September 2015 added to concerns about the health of the world's second-biggest economy. US stocks closed lower yesterday, 13 October 2015, with the Dow Jones snapping its 7-day winning streak ahead of a series of earnings reports.

Closer home, auto stocks declined. Mahindra & Mahindra (down 0.09%), Bajaj Auto (down 0.8%), Hero MotoCorp (down 0.85%) and Tata Motors (down 1.65%) edged lower. Eicher Motors (up 1.82%), Ashok Leyland (up 0.69%) and TVS Motor Company (up 0.35%) edged higher.

Maruti Suzuki India lost 0.23% at Rs 4,265.70. The company after market hours yesterday, 13 October 2015, announced the opening of pre-launch bookings for its premium passenger car Baleno. The car is slated for launch by the end of the month.

Pharma stocks witnessed mixed trend. Divi's Laboratories (down 2.23%), Glenmark Pharmaceuticals (down 1.46%), Dr Reddy's Laboratories (down 0.71%), Cipla (down 0.19%) and GlaxoSmithkline Pharmaceuticals (down 0.03%) edged lower. Wockhardt (up 0.21%), Ipca Laboratories (up 0.27%), Sun Pharmaceutical Industries (up 0.63%) and Strides Arcolab (up 0.66%) edged higher.

Lupin rose 1.29% at Rs 2,049.35 after the company announced a joint strategic alliance to market Boehringer Ingelheim's anti-diabetes drug in India under separate new brands. Boehringer will simultaneously continue to sell its anti-diabetes drug linagliptin under its exiting own brands in India.

Bharat Forge fell 3.73% at Rs 898.45 after a foreign brokerage reportedly downgraded the stock to sell from buy, citing weak operational outlook.

Vakrangee rose 0.61% at Rs 131.70 after a bulk deal of 10.33 lakh shares was executed on the scrip at Rs 130.55 per share at 9:57 IST on BSE today, 14 October 2015.

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