Market pares gain ahead of inflation data

Equities gave away intra-day gains as traders awaited inflation data for the week ended August 23 and developments at India-US nuclear agreement front were also eyed.


After opening on a weak note, benchmark indices languished in the red throughout the day to close well below the dotted line. Select stocks from the software, pharma and auto sectors gained investors' interest, while stocks from the FMCG, realty, and energy sectors were at the receiving end. As regards global markets, the Asian indices closed in the red and the European indices are witnessing negative trend currently.

According to a Reuters poll, inflation for the week ended August 23 is expected to be around 12.44 per cent. However there are market expectations that it may fall below 12.4 per cent mark.

Bhartiya Janta Party, opposition party in the parliament, has accused the Prime Minister Manmohan Singh of "misleading" parliament and the country on the nuclear deal. It has demanded the resignation of the government and is planning a breach of privilege motion against prime minister.