Pharma, telecom stocks decline

Volatility continued in morning trade as the key benchmark indices once again turned negative after reversing intraday losses to hit an intraday high in positive zone. The barometer index, the S&P BSE Sensex was currently down 8.60 points or 0.03% at 26,514.49. The market breadth indicating the overall health of the market was negative.

Pharma shares declined. Telecom stocks fell.

Volatility struck bourses in early trade as the key benchmark indices cut initial losses triggered by weak Asian stocks. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their lowest level in over 4-1/2 weeks in early trade.

In overseas markets, Asian stocks edged lower today, 9 June 2015 amid worries about Greece and the prospect of the US Federal Reserve soon raising interest rates. US stocks declined yesterday, 8 June 2015, with the tech stocks leading the market lower.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 749.12 crore yesterday, 8 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 529.82 crore yesterday, 8 June 2015, as per provisional data.

At 10:15 IST, the S&P BSE Sensex was down 8.60 points or 0.03% at 26,514.49. The index lost 76.59 points at the day's low of 26,446.50 at onset of the day's trading session, its lowest level since 7 May 2015. The index rose 62.81 points at the day's high of 26,585.90 in morning trade.

The CNX Nifty was down 13.75 points or 0.17% at 8,030.40. The index hit a low of 8,013.40 in intraday trade, its lowest level since 7 May 2015. The index hit a high of 8,057.15 in intraday trade.

The market breadth indicating the overall health of the market was negative. On BSE, 930 shares declined and 776 shares rose. A total of 82 shares were unchanged.

The BSE Mid-Cap index was off 51.29 points or 0.5% at 10,142.71. The BSE Small-Cap index was off 24.13 points or 0.23% at 10,673.43. The fall in both these indices was higher than Sensex's decline in percentage terms.

The total turnover on BSE amounted to Rs 420 crore by 10:15 IST compared with Rs 136 crore by 09:30 IST.

Pharma shares declined. Cadila Healthcare (down 1.41%), Cipla (down 1.34%), Dr Reddy's Laboratories (down 1.38%), Glenmark Pharmaceuticals (down 1.78%), Lupin (down 0.53%), Sun Pharmaceutical Industries (down 1.63%), GlaxoSmithKline Pharmaceuticals (down 0.88%) and Aurobindo Pharma (down 0.54%) edged lower. Wockhardt rose 0.06%.

Telecom stocks fell. Bharti Airtel (down 1.42%), Idea Cellular (down 1.81%), MTNL (down 1.26%), and Reliance Communications (down 0.19%) declined. Tata Teleservices (Maharashtra) rose 0.81%.

Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update yesterday, 8 June 2015, that the southwest monsoon has further advanced into some more parts of central Arabian sea, entire Goa, some parts of south Konkan, remaining parts of coastal Karnataka and some more parts of south interior Karnataka.

Asian stocks edged lower today, 9 June 2015 amid worries about Greece and the prospect of the US Federal Reserve soon raising interest rates. Key benchmark indices in China, Singapore, South Korea, Taiwan, Hong Kong, Japan and Indonesia fell by 0.24% to 2.83%.

China's consumer inflation in May was at its weakest level in four months, official data showed today, 9 June 2015. China's consumer price index rose 1.2% in May from a year earlier, slower than a 1.5% year-over-year rise in April, data from the National Bureau of Statistics showed.

US stocks declined yesterday, 8 June 2015, with the tech stocks leading the market lower.

Meanwhile, the Group of Seven leaders (G-7) called for action on Greece as talks between the nation and its creditors continued yesterday, 8 June 2015. Greece deferred a payment to the IMF last week and needs to crack a deal or get another extension before its euro-area bailout package expires on 30 June 2015.

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