After erasing a lion's portion of intraday gains in early afternoon trade, key benchmark indices recovered from lower level in afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was up 104.27 points or 0.4% at 26,062.90. The Nifty 50 index was currently up 28.75 points or 0.36% at 7,912.55. The Sensex was currently trading above the psychological 26,000 mark, having alternately moved above and below that level in intraday trade so far. The market breadth indicating the overall health of the market turned negative from positive in afternoon trade. On BSE, 1,243 shares fell and 1,212 shares rose. A total of 208 shares were unchanged. The BSE Mid-Cap index was up 0.2%. The BSE Small-Cap index was up 0.08%. Both these indices underperformed the Sensex.
The Sensex and the Nifty have witnessed volatile trend so far during the trading session. After extending gains in mid-morning trade which took the Sensex to 2-1/2-week high and the Nifty to 3-week high, the two key benchmark indices erased a lion's portion of intraday gains in early afternoon trade following a sharp slide in Chinese stocks. The Sensex jumped 167 points or 0.64% at the day's high of 26,125.63 in mid-morning trade, its highest level since 9 November 2015. The barometer index lost 21.31 points or 0.08% at the day's low of 25,937.32 in early trade. The Nifty rose 55.10 points or 0.69% at the day's high of 7,938.90 in mid-morning trade, its highest level since 6 November 2015. The index lost 4.35 points or 0.05% at the day's low of 7,879.45 in early trade.
In overseas stock markets, reports of Chinese authorities' investigations into two major Chinese brokerages over suspected violations sent stocks tumbling in mainland China. The Shanghai Composite ended 5.48% lower. In Hong Kong, the Hang Seng index was currently off 1.85%.
Most pharmaceutical shares declined. Aurobindo Pharma (down 1.38%), Piramal Enterprises (down 1.03%), Lupin (down 0.96%), Strides Arcolab (down 0.79%), Dr. Reddy's Laboratories (down 0.56%), Sun Pharmaceutical Industries (down 0.24%), Glenmark Pharmaceuticals (down 0.19%), Wockhardt (down 0.14%) and Cadila Healthcare (down 0.02%), edged lower. GlaxoSmithKline Pharmaceuticals (up 0.17%), IPCA Laboratories (up 0.62%), Cipla (up 0.65%) and Divi's Laboratories (up 1.11%), edged higher.
FMCG shares were mixed. Jyothy Laboratories (up 1.62%), Tata Global Beverages (up 1.37%), Godrej Consumer Products (up 1.27%), GlaxoSmithKline Consumer Healthcare (up 1.06%), Procter & Gamble Hygiene & Health Care (up 0.31%), Hindustan Unilever (up 0.15%) and Britannia Industries (up 0.14%), edged higher. Colgate Palmolive (India) (down 0.32%), Nestle India (down 1.23%), Dabur India (down 1.4%), Bajaj Corp (down 1.64%) and Marico (down 1.71%), edged lower.
Texmo Pipes and Products slumped 5.14% after the company said that its production is being slowed down due to interruption of power supply. The company added that the production is continuing through the use of DG set. The announcement was made after market hours yesterday, 26 November 2015.
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