Key benchmark gave away initial strong gains after data released by the government today, 16 September 2013, showed that inflation based on wholesale price index (WPI) accelerated in August 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. The barometer index, the BSE Sensex, closed a tad higher up by 7 point at 19742. The CNX Nifty edged lower by 10 points to settle at 5840. Stock prices were volatile. The market breadth, indicating the overall health of the market, was negative with 466 advances to 680 declines on NSE.
In some major development, shares of pharma major Ranbaxy Laboratories tumbled a staggering over 30% in a single trading session after the US Food and Drug Administration issued an import alert against company's Mohali plant. Shares of most private banks rose. IT stocks declined as the rupee surged against the dollar.
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