The market pared gains in early afternoon trade as selling emerged at higher levels. At 12:24 IST, the barometer index, the S&P BSE Sensex, was up 124.95 points or 0.36% at 34,501.94. The Nifty 50 index was up 41.65 points or 0.40% at 10,358.10.
The market breadth, indicating the overall health of the market, was negative. On BSE, 969 shares rose and 1408 shares fell. A total of 131 shares were unchanged.
Index heavyweight Reliance Industries jumped 5.13% to Rs 1103.75.
IT stocks declined. Wipro (down 2.67%), HCL Technologies (down 2.05%), TCS (down 2.02%), MindTree (down 1.74%), Oracle Financial Services Software (down 1.64%), Infosys (down 1.05%), MphasiS (down 0.63%) and Tech Mahindra (down 0.63%), edged lower. Hexaware Technologies (up 0.81%) and Persistent Systems (up 1%), edged higher.
Pharmaceutical shares were mixed. Piramal Enterprises (up 3.42%), Strides Shasun (up 1.61%), Sun Pharmaceutical Industries (up 1.3%), Cipla (up 0.88%), Lupin (up 0.57%), Glenmark Pharmaceuticals (up 0.51%), Alkem Laboratories (up 0.29%), Dr Reddy's Laboratories (up 0.25%) and Divi's Laboratories (up 0.05%), edged higher. Cadila Healthcare (down 0.44%), Aurobindo Pharma (down 0.54%), Wockhardt (down 0.85%), GlaxoSmithKline Pharmaceuticals (down 1.15%) and IPCA Laboratories (down 3.24%), edged lower.
On the political front, the Election Commission (EC) on Saturday announced the dates for the Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram Assembly polls. While Chhattisgarh will go to the polls in two phases on November 12 and 20, the Madhya Pradesh and Mizoram Assembly elections will be held on November 28. Polling in Rajasthan and Telangana will be held on December 7. Counting of votes will be held across all the five states on December 11.
Overseas, Asian markets slipped further on Monday. Japan's markets are closed for a public holiday. China's markets tumbled following a week-long holiday and after its central bank cut banks' reserve requirements in a bid to support growth. Reserve requirement ratios (RRRs) - currently 15.5 percent for large commercial lenders and 13.5 percent for smaller banks - would be cut by 100 basis points effective October 15, the People's Bank of China (PBOC) said on Sunday.
US stocks closed sharply lower Friday as worries about rising interest rates overshadowed the September jobs report, which pointed to strength in the labor market and the broader economy.
On the US data front, the September jobs report showed 134,000 jobs added in the month. The report showed the unemployment rate dropping to 3.7%. In addition, average hourly wage paid to American workers rose 0.3% an hour, while the 12-month rate of hourly wage gains came in at 2.8%. The wage data were of particular interest because of what it can communicate about inflation in the US economy.
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