 "Image via Shutterstock")
Markets have climbed in afternoon trades on contraction in Wholesale Price Index (WPI) data for the 13th straight month. However, selling pressure is exerted on auto shares after the National Green Tribunal (NGT) has ordered immediate ban on diesel run vehicles in Delhi.
At 1pm, the S&P BSE Sensex was up 107 points at 25,151 and the Nifty50 was up 40 points at 7,650.
The Wholesale Price Index (WPI) data for the month of November stood at negative 1.99 against negative 3.81 for the month of October. This is the 13th consecutive month where the WPI has declined. The wholesale fuel prices dropped 11.09% from a year ago in November, while prices of manufactured goods declined 1.42% year on year.
Food prices in November, however, gained 5.20% year-on-year, compared with a provisional 2.44% gain in October.
Meanwhile, the government will also unveil the consumer inflation today post market hours.
Further, all eyes would be set on the much anticipated two day FOMC meet of the US Federal Reserve on December 15-16 in which it is widely expected to raise the interest rates. Asian markets are trading lower in anticipation.
Meanwhile, industrial output rebounded to a five- year high in October. Industrial output grew by 9.8 per cent in October on the support of robust demand for manufactured products in the festival month compared to just 3.6 per cent in September.
On the currency front, the Indian rupee again breached the 67-mark by depreciating 18 paise to 67.06 against the dollar in early trade today at the Interbank Foreign Exchange, mainly on strong demand for the American unit from importers and some banks amid a lower opening of the domestic equity market.
BSE Capital Goods index is up by 0.1% with BHEL, Crompton Greaves, Havells, up between 1-2% each.
Select auto shares are trading lower after the National Green Tribunal (NGT) on Friday has ordered immediate ban on registration of diesel-run cars in the national capital. The order further states that there won’t be any renewal of registration of vehicles that are older than 10 years in Delhi. Tata Motors, M&M, Ashok Leyland and Eicher Motors are down 1%-3%.
However, Maruti has gained 1.3% on reports that the company would hike prices from January and plans to export 20,000-30,000 cars to Japan.
Infosys has gained 1.3% on reports that it will invest $3 million in US sports tech startup WHOOP.
TCS has lost 1% after the management said that third quarter revenues could take a hit because of the Chennai floods.
Among other shares, Natco Pharma were up over 1% after the company along with Alvogen which had filed for generic versions of Tamilflu oral capsules (oseltamivir phosphate) in dosages of 30mg, 45mg and 75mg have settled the patent infringement suit filed by Gilead Sciences, Inc., Hoffmann-La Roche Inc., F. Hoffmann-La Roche Ltd. and Genentech, Inc., in New Jersey District Court.
Shares of Bhushan Steel have dropped 3.6% to Rs 43.55 on the Bombay Stock Exchange (BSE) after the National Green Tribunal (NGT) ordered the closure of Bhushan Steel’s facility in Sahibabad industrial area for 4 weeks.
