After languishing in negative zone in morning trade, key benchmark indices trimmed losses in mid-morning trade. The market breadth indicating the overall health of the market was weak. The barometer index, the S&P BSE Sensex, was currently off 24.20 points or 0.09% at 26,498.89. In overseas markets, Asian stocks edged lower as investors continued to focus on the prospect of higher US interest rates. Chinese shares slipped after weak inflation data.
Pharma shares declined. Cipla dropped on reports a foreign brokerage has said that the launch of asthma drug by Mylan in the UK is negative for Cipla because Cipla was earlier expected to be the first company to launch this drug. Realty stocks declined.
Earlier during the trading session, the Sensex and the 50-unit CNX Nifty, both, hit their lowest level in almost 5 weeks.
In overseas markets, Asian stocks edged lower on worries about Greece and on expectations of the US Federal Reserve raising interest rates in September. US stocks declined yesterday, 8 June 2015, with the tech stocks leading the market lower.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 749.12 crore yesterday, 8 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 529.82 crore yesterday, 8 June 2015, as per provisional data released by the stock exchanges.
At 11:15 IST, the S&P BSE Sensex was down 24.20 points or 0.09% at 26,498.89. The index lost 76.59 points at the day's low of 26,446.50 at onset of the day's trading session, its lowest level since 7 May 2015. The index rose 62.81 points at the day's high of 26,585.90 in morning trade.
The CNX Nifty was down 19.80 points or 0.25% at 8,024.35. The index hit a low of 8,007.55 in intraday trade, its lowest level since 7 May 2015. The index hit a high of 8,057.15 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,256 shares declined and 768 shares rose. A total of 100 shares were unchanged.
The BSE Mid-Cap index was off 64.99 points or 0.64% at 10,129.01. The BSE Small-Cap index was off 53.96 points or 0.5% at 10,643.60. The fall in both these indices was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 749 crore by 11:15 IST, compared with turnover of Rs 420 crore by 10:15 IST.
Pharma shares declined. Dr Reddy's Laboratories (down 2.29%), Glenmark Pharmaceuticals (down 1.16%), Lupin (down 1.21%), Sun Pharmaceutical Industries (down 2.32%), Cadila Healthcare (down 0.52%), GlaxoSmithKline Pharmaceuticals (down 1.04%), Aurobindo Pharma (down 2.08%) and Wockhardt (down 0.06%) edged lower.
Cipla fell 2.61% on reports a foreign brokerage has said that the launch of asthma drug by Mylan in the UK is negative for Cipla because Cipla was earlier expected to be the first company to launch this drug. Mylan had recently announced the launch of the first generic version of GlaxoSmithKline's Seretide Evohaler (salmeterol xinafoate/fluticasone propionate) under the brand name Sirdupla (pMDI), 125/25 mcg and 250/25 mcg with 120 doses strengths, in the UK. Sirdupla is indicated in the treatment of asthma in adults aged 18 years and over. The brokerage sees this as negative for Cipla, as earlier it had estimated Cipla was the first player to launch generic Seretide pMDI in the UK.
Realty stocks declined. Unitech (down 7.35%), Indiabulls Real Estate (down 2.07%), Housing Development and Infrastructure (down 1.88%), Hubtown (down 3.4%) and Oberoi Realty (down 0.48%) declined. Godrej Properties (up 0.4%) and Sobha (up 0.11%) rose.
Realty major DLF rose 0.55% to Rs 110.40. The stock hit high of Rs 111.15 and low of Rs 107.70 so far during the day.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update yesterday, 8 June 2015, that the southwest monsoon has further advanced into some more parts of central Arabian sea, entire Goa, some parts of south Konkan, remaining parts of coastal Karnataka and some more parts of south interior Karnataka. The Southwest Monsoon was active over Arunachal Pradesh and Assam & Meghalaya during past 24 hours, the IMD said yesterday, 8 June 2015.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
In overseas markets, Asian stocks edged lower today, 9 June 2015, on worries about Greece and on expectations of the US Federal Reserve raising interest rates in September. Key benchmark indices in Singapore, South Korea, Taiwan, Japan and Indonesia were off 0.06% to 3.12%.
Chinese shares slipped after weak inflation data. In mainland China, the Shanghai Composite index was off 1.14%. In Hong Kong, the Hang Seng index was off 1.07%. China's consumer inflation in May was at its weakest level in four months, official data showed today, 9 June 2015. China's consumer price index rose 1.2% in May from a year earlier, slower than a 1.5% year-over-year rise in April, data from the National Bureau of Statistics showed. The producer-price index, which measures prices of goods at the factory gate, dropped 4.6% in May from a year earlier, matching a 4.6% year-over-year fall in April. Factory-level prices have now been declining for 39 consecutive months since March 2012 as weak demand leaves excess capacity in key industries like steel and cement and drives prices lower.
Investors in China await MSCI Inc.'s decision in New York later in the global day today, 9 June 2015, on whether to include Chinese domestic stocks in its indexes, which are tracked by billions of dollars of global funds and could draw millions of new investors into Chinese shares.
US stocks declined yesterday, 8 June 2015, with the tech stocks leading the market lower. The slump in the main stock-market indexes marked the third consecutive session, with the Dow industrials erasing year-to-date gains.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy is scheduled on 16-17 June 2015.
Meanwhile, the Group of Seven leaders (G-7) called for action on Greece as talks between the nation and its creditors continued yesterday, 8 June 2015. Greece deferred a payment to the IMF last week and needs to crack a deal or get another extension before its euro-area bailout package expires on 30 June 2015.
Powered by Capital Market - Live News
