Recovery in bank stocks and index heavyweights ITC, L&T and Reliance Industries (RIL) aided recovery for the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty. At 12:17 IST, the Sensex was off 196.41 points or 0.76% at 25,524.77. The decline for the 50-unit CNX Nifty index was higher in percentage terms compared with the fall for the Sensex. The Nifty was currently off 73.75 points or 0.94% at 7,744.05. The Sensex lost 432.08 points at the day's low of 25,287.50 earlier during the trading session. The Nifty lost 140.10 points at the day's low of 7,678.50 earlier during the trading session.
The broad market continued to depict weakness. There were more than two losers against every gainer on BSE. 1,587 shares fell and 656 shares rose. A total of 70 shares were unchanged. The BSE Mid-Cap index was down 0.23%. The decline in this index was lower than Sensex's fall in percentage terms. The BSE Small-Cap index was down 0.85%. The decline in this index was higher than Sensex's fall in percentage terms.
ITC rose 0.29% to Rs 315.10. The stock hit high of Rs 315.20 and low of Rs 310.60 so far during the day.
L&T declined 0.3% to Rs 1,587.60. The stock hit high of Rs 1,590.50 and low of Rs 1,556.15 so far during the day.
Reliance Industries (RIL) shed 1.09% to Rs 863.55. The stock hit high of Rs 865.80 and low of Rs 856 so far during the day.
Metal and mining stocks dropped after the latest data showed that China's consumer inflation edged up and producer prices fell last month. NMDC (down 2.59%), Vedanta (down 1.85%), Hindalco Industries (down 4.52%), Hindustan Zinc (down 2.37%) and National Aluminium Company (down 0.29%) edged lower. China is the world's largest consumer of steel, copper and aluminum.
China's consumer inflation in August edging up, but producer prices falling for the 42nd straight month in the latest sign that deflation remains a significant risk for the world's second-largest economy. China's consumer price index (CPI) rose 2% in August 2015 from the year before, up from 1.6% in July 2015, data published Thursday, 9 September 2015, by the country's National Bureau of Statistics revealed. China's producer price index (PPI) -- a gauge of factory-gate prices -- declined 5.9% in August from a year earlier, worsening from a 5.4% year-over-year drop in July. This marks the forty-second consecutive month of declines.
Steel stocks declined. Bhushan Steel (down 2.57%), Jindal Steel & Power (down 2.73%), Tata Steel (down 1.44%), Steel Authority of India (down 4.06%), and JSW Steel (down 0.67%) dropped. The Director General of Safeguards has recommended imposition of provisional safeguard duty of 20% on import of hot-rolled flat products of non-alloy and other alloy steel in coils of a width of 600 MM or more for a period of 200 days. The Board of Safeguards headed by the Commerce Secretary will take a final call on the imposition of the safeguard duty. The safeguard duty is a global safeguard measure to protect the domestic industry and once imposed the levy is applicable on import of the product from all countries.
IT stocks were mixed. Tech Mahindra (up 0.09%), and TCS (up 0.6%) gained. HCL Technologies (down 2.17%), Infosys (down 0.79%) and Wipro (down 1.07%) edged lower.
Sun Pharmaceutical Industries declined 0.57% after reports the company is looking to divest a manufacturing plant in Ireland as it tries to control costs that have spiralled since it bought Ranbaxy Laboratories. The company has been working on resolving issues at Ranbaxy's India-based drug manufacturing sites, all of which have been banned from exporting to its largest market, the United States, over quality control issues, report added.
Mahindra & Mahindra (M&M) dropped 1.3%. The company has announced the launch of a new sports utility vehicle (SUV), the TUV 300. The SUV will be available in 7 variants, with the basic variant costing Rs 6.90 lakh ex-showroom Pune.
In overseas markets, stocks in China and Japan led decline in Asian equities after weak Japanese economic data and as a report showing a record rise in job openings in the United States in July sparked worries about a potential interest-rate hike from the US Federal Reserve. Higher US interest rates will reduce the attraction of riskier emerging-markets assets. US stocks closed sharply lower yesterday, 9 September 2015, as the strong job openings data for July triggered concerns about an imminent hike in interest rates from the Federal Reserve.
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