Key benchmark indices edged lower in early trade tracking weakness in Asian markets and overnight decline in US stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 39.51 points or 0.16% at 25,270.82. The 50-unit Nifty 50 index was down 8.25 points or 0.11% at 7,693.45.
In overseas stock markets, Asian share markets extended losses registered in previous trading session. In mainland China, the Shanghai Composite index was up 0.65%. 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.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 533 shares rose and 469 shares fell. A total of 71 shares were unchanged. The BSE Mid-Cap index was currently off 0.01%. The decline in this index was lower than Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.02%, outperforming the Sensex.
Telecom stocks declined. Bharti Airtel (down 2%), Idea Cellular (down 1.7%), Reliance Communications (down 1.08%) and Mahanagar Telephone Nigam (down 3.2%) edged lower. Tata Teleservices (Maharashtra) (up 0.57%) edged higher.
Dr Reddy's Laboratories (DRL) fell 2.85% at Rs 2,983.45. 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.
Indian Terrain Fashions rose 1.34% at Rs 700.50 after the company announced that it has fixed 22 December 2015 as the record date for 5 for 1 stock split. The company made the announcement after market hours yesterday, 8 December 2015.
Orchid Chemicals & Pharmaceuticals rose 0.19% at Rs 51.70 after the company announced that it has recommenced production operations at its bulk drugs plant located at Alathur, Tamil Nadu in a phased manner. The company made the announcement after market hours yesterday, 8 December 2015. The production operations of the plant were disrupted from 2 December 2015, due to flooding at the factory premises caused by heavy rains in Chennai. However, the sterile manufacturing section would need to be verified for sterility and this would take a few more days for becoming fully operational, Orchid Chemicals said. The natural calamity is adequately covered under the insurance policy of the company, it added.
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