Sensex stays under pressure; Aug WPI inflation at 5-yr low

WPI inflation in August dropped to 3.74 percent, the lowest level in last five years, from 5.19 percent in previous month driven by food and fuel.

12:17

Moneycontrol Bureau Equity benchmarks did not show any kind of recovery in noon trade despite significant fall in WPI inflation. The Sensex fell 175.78 points to 26885.26 and the Nifty declined 49.10 points to 8056.40.

About 1560 shares have advanced, 1146 shares declined, and 89 shares are unchanged.

WPI inflation in August dropped to 3.74 percent, the lowest level in last five years, from 5.19 percent in previous month driven by food and fuel. However, June WPI inflation was revised upward to 5.66 percent from 5.43 percent earlier.

Metals stocks remained under pressure with Hindalco Industries, Tata Steel and Sesa Sterlite falling 1.5-3 percent after weak China data. China on Saturday said that industrial production grew 6.9 percent last month, its weakest rate since December 2008. The key indicator slumped from 9.0 percent growth in July.

11:13

Brent crude is seeing further softening to 26-month lows. Globally, disappointing Chinese data weighs on Asian markets. Traders are also cautious ahead of the FOMC policy decision.

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10:00

HDFC Bank bucked the trend, up over 1 percent as Managing Director Aditya Puri is affirmative that the growth will get back to 25 percent and even 30 percent growth when the economy gets back to 6-7 percent growth, which he expects by FY16.

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09:15

GAIL, ONGC, Sesa Sterlite, SBI, Reliance fall around 1 percent. Cipla, Bajaj Auto, TCS, Wipro and Dr Reddy's Labs are top gainers in the Sensex.

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