Broad market depicts weakness

The broad market depicted weakness in early afternoon trade. The two key benchmark indices viz. the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty languished in negative zone. At 12:17 IST, the Sensex was off 28.59 points or 0.11% at 25,173.31. The decline for 50-unit CNX Nifty CNX Nifty was higher than the Sensex's fall in percentage terms. The Nifty was currently off 15.80 points or 0.21% at 7,639.25. On BSE, there were almost two losers against every gainer. 1,544 shares declined and 793 shares rose. A total of 80 shares were unchanged. The BSE Mid-Cap index was down 1.18%. The BSE Small-Cap index was down 0.73%. The decline in both these indices was higher than Sensex's fall in percentage terms.

Overseas cues were negative. Chinese stocks led decline in Asian markets after China cut its GDP growth rate for 2014 to 7.3% from 7.4% and as mixed US jobs report for August 2015 did little to quell investor uncertainty on the timing of the US Federal Reserve's first interest rate hike in a decade.

The Sensex and the Nifty have seen high volatility so far during the trading session. The Sensex dropped 145.10 points at the day's low of 25,056.80 in morning trade. At the day's low, the barometer index hit its lowest level in almost 14 months. The Nifty hit its lowest level in almost 13 months when it dropped 48.20 points at the day's low of 7,606.85 in morning trade. Earlier, these two key benchmark indices edged higher amid initial volatility. The Sensex rose 185.42 points at the day's high of 25,387.32 in early trade.

In sector trends, shares of power generation and power distribution companies edged lower. NHPC (down 0.93%), Tata Power Company (down 0.97%), NTPC (down 1.27%), Adani Power (down 2.87%), Power Grid Corporation of India (down 0.69%), and Reliance Power (down 0.28%) declined. Torrent Power rose 0.53%. Reliance Infrastructure gained 0.73%.

Pharma stocks declined. Glenmark Pharmaceuticals (down 1.44%), Aurobindo Pharma (down 1.72%), Cadila Healthcare (down 1.49%), Lupin (down 1.97%), Strides Arcolab (down 2.92%), Divi's Laboratories (down 1.48%), Wockhardt (down 2.84%) and Sun Pharmaceutical Industries (down 0.85%) declined. Cipla rose 1.16%.

Dr Reddy's Laboratories dropped 0.04%. The company after market hours on Friday, 4 September 2015, announced that it has entered the hair serum market with the launch of its brand MINTOP PRO. The product will be available in a 75 ml pack carrying MRP of Rs 995 at all leading pharmacy stores across India.

Bharat Forge (down 4.6%), Crompton Greaves (down 3.76%), Shriram Transport Finance Company (down 3.65%), United Spirits (down 3.46%) and Godrej Consumer Products (down 3.14%) were the top losers from the BSE 100 index.

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