Broad market depicts weakness

A bout of volatility was witnessed as key benchmark indices trimmed losses after extending intraday slide in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was off 85.03 points or 0.34% at 25,225.30. The 50-unit Nifty 50 index was currently down 30.55 points or 0.4% at 7,671.15. The Sensex hit its lowest level in more than 13 weeks when it lost 145.17 points or 0.57% at the day's low of 25,165.16 in morning trade. The barometer index rose 6.62 points or 0.02% at the day's high of 25,316.95 in early trade. The Nifty also hit its lowest level in more than 13 weeks when it fell 48.50 points or 0.62% at the day's low of 7,653.20 in morning trade. The index rose 1.15 points or 0.01% at the day's high of 7,702.85 in early trade.

The broad market depicted weakness. There were almost four losers against every gainer on BSE. 1,805 shares fell and 454 shares rose. A total of 130 shares were unchanged. The BSE Mid-Cap index was currently off 0.94%. The BSE Small-Cap index was currently down 1.52%. The decline in both these indices was higher than Sensex's decline in percentage terms.

In overseas stock markets, Asian share markets extended losses registered in previous trading session. In mainland China, the Shanghai Composite index was up 0.38%. Latest data showed that China's consumer price inflation rose 1.5% on year in November 2015. On a monthly basis, inflation was flat last month following the 0.3% decline in October. US stocks closed lower yesterday, 8 December 2015, but off session lows as oil prices stabilized and biotech stocks gained.

Pharma stocks declined. Glenmark Pharmaceuticals (down 3.86%), Ipca Laboratories (down 0.88%), Wockhardt (down 1.91%), Divi's Laboratories (down 0.89%), Sun Pharmaceutical Industries (down 1.39%), Cadila Healthcare (down 0.81%), Aurobindo Pharma (down 0.83%), Cipla (down 0.82%), Lupin (down 1.24%), Strides Shasun (down 0.23%) and GlaxoSmithkline Pharmaceuticals (down 0.12%) edged lower.

Dr Reddy's Laboratories (DRL) fell 1.85% at Rs 3,014. The stock hit a high of Rs 3,019.25 and a low of Rs 2,953.35 so far during the day. DRL announced after market hours yesterday, 8 December 2015, that it has submitted its response to the United States Food and Drug Administration (USFDA) on 7 December 2015. It may be recalled that the USFDA in its warning letter issued to the company dated 5 November 2015, identified significant deviations from current good manufacturing practice (CGMP) at DRL's two pharmaceutical manufacturing facilities in Andhra Pradesh and a unit in Telangana.

IT stocks witnessed mixed trend. HCL Technologies (down 1.43%), Infosys (down 0.45%) and Oracle Financial Services Software (down 0.11%) declined. TCS (up 0.96%), Tech Mahindra (up 0.66%) and Wipro (up 0.29%) gained.

Kaya was off 0.13% at Rs 940. The stock was highly volatile. The stock hit a high of Rs 976 and a low of Rs 925 so far during the day. Kaya announced that its foreign subsidiary along with its local partner has entered into a share purchase agreement for acquiring 75% beneficial interest in Iris Medical Centre LLC situated at Abu Dhabi. Iris Medical Centre LLC carries out business of skincare services and operates one clinic in Abu Dhabi. Iris Medical Centre LLC reported revenue of AED 2.24 million for half year ended on 30 September 2015, Kaya said. The announcement was made after market hours yesterday, 8 December 2015.

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