Mumbai, Jul 16 (UNI) The benchmark index of Bombay Stock Exchange (BSE) tanked in a volatile session on Monday by 217.86 points to end negative at 36,323.77 as rising inflation dampened the investors' sentiments amidst weaker cues from Asian peers.
The Nifty of National Stock Exchange (NSE) declined by 82.05 points to 10,936.85.
In a high volatility seen during the day, the Sensex which had ended with a paltry loss of 6 points on Friday, made a smart recovery in the morning trade when it rose by 117 points to 36,658.71, only to fell by nearly 243 points to 36,298.94, before closing at 36,323.77, sliding by 217.86 points as compared to its previous close.
Meanwhile, it touched day's high of 36,658.71, up by 147 points.
The sectoral indices like Materials, Health Care, Telecom, Material were under pressure for another session, along with scrips of Tata Steel, Tata Motors DVR, Tata Motors and Sun Pharma.
On the macro front, the annual rate of inflation, based on monthly wholesale price inflation (WPI), stood at 5.77 per cent for the month of June 2018 (over June 2017), as compared to 4.43 pc for the previous month and 0.90 pc during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.49 pc compared to a build up rate of minus 0.44 pc in the corresponding period of the previous year.
Broader market witnessed a steep decline. Among secondary barometers, the BSE Mid-Cap index fell 2.45 pc. The Small-Cap index
lost 2.51 pc. Both these indices underperformed the Sensex.
The market breadth was weak on BSE, as 562 shares rose against 2,055 fell and 160 were unchanged.
In global markets, most European and Asian stocks declined after mixed economic data out of China spurred selling.
China today posted second-quarter GDP growth of 6.7 pc from a year ago, slightly lower than 6.8 pc in the first quarter of 2018.
Meanwhile, the equity market in Japan was shut for a holiday on Monday.
The sectoral indices led by Materials, Health Care, Realty, Telecom, Captial Goods and Consumer Durables fell, slipping by 3.70 per cent.
The major Sensex losers were Tata Steel (by 7.01 pc), Sun Pharma (by 4.86 pc), Tata Motors (by 4.62 pc), Bharti Airtel (by 3.37 pc) and ICICI Bank (by 3.21 pc).
The major gainers were NTPC (by 2.03 pc), Yes Bank (by 1.13 pc), HDFC (by 0.84 pc), Wipro (by 0.73 pc) and ITC (by 0.35 pc).
FMCG major Hindustan Unilever (HUL) rose 1.20 pc.
IT major Infosys rose 2.02 pc on announcement made on Friday that its consolidated net profit declined 2.1 pc to Rs 3,612 crore on 5.8 pc rise in revenues to Rs 19,128 crore in Q1 June 2018 over Q4 March 2018. Financial year ending March 2018 revenue guidance in constant currency was retained at 6 pc-8 pc, while operating margin guidance
was retained at 22 pc-24 pc.
Infosys board of directors also considered, approved and recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held, as on a record date to be determined.
Pharma maker Dr Reddy's Labs fell 10.03 pc after a US District Court reportedly granted a preliminary injunction against sale of the generic version of Suboxone used for treating opioid dependence. The court has prevented Dr Reddy's from re-launching its generic product until the patent litigation by Indivior is concluded or until it
prevails on an appeal of this injunction, media reports added.
Dr Reddy's Laboratories announced on Saturday its intent to appeal the decision made by the US District Court for the District of New Jersey in a preliminary injunction hearing with respect to further sales and commercialisation of Dr Reddy's Buprenorphine and Naloxone Sublingual Film within the United States.
The company disagrees with the court's decision and will vigorously appeal against it.
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