Sensex, Nifty recover post WPI inflation; SBI, Axis gain 2%

12:30pm Nikkei falls

 

Japan's Nikkei share average tumbled 2.4 percent to a fresh two-month closing low on Tuesday on fears global economic weakness will weigh on US growth, while a stronger yen dragged down exporters such as Toyota Motor Corp and Honda Motor Co. 

The Nikkei share average dropped 364.04 points to end at 14,936.51, the lowest closing level since Aug. 8.

 It also broke below its 200-day moving average, also for the first since Aug. 8. 

The dollar crawled up 0.4 percent to 107.235 yen, but remained in close range of a one-month low of 106.76 hit earlier in the session, reports Reuters. 

12:00pm The market recouped its morning losses after WPI inflation in September dropped to five-year low. The Sensex declined 27.63 points to 26356.44 and the Nifty fell 15.45 points to 7868.80. 

Wholesale Price Index (WPI) inflation in September eased to 2.38 percent from 3.74 percent in August led by fall in fuel, food and manufactured products prices. The WPI was expected to come in at 3.1 percent.

The consumer price inflation data for the month of September, which was released yesterday, cooled off to its all-time low of 6.46 percent, the lowest since India started computing consumer price index (CPI) in January 2012, led by lower food prices and fuel costs. 

Top lender State Bank of India and its rival Axis Bank gained 2 percent each. State-run power equipment maker BHEL topped the buying list, up 4 percent. 

Shares of Reliance Industries, Sun Pharma, Bajaj Auto, Bharti Airtel, Cipla and Tata Power gained 1-1.9 percent. However, DLF fell 26 percent followed by Sesa Sterlite, ITC, TCS, HDFC and Tata Motors with 1-4 percent loss. More information please visit this site www.bigprofitbuzz.com