10:15 am China PMI:
The preliminary Caixin China manufacturing purchasing managers’ index (PMI) fell to a six-and-a-half-year low of 47.0 in September, below the 47.5 forecast in a Reuters poll.
This compares with a final reading of 47.3 in August, the lowest since March 2009. A print above 50 indicates an expansion in activity while one below points to a contraction.
The closely-watched gauge of nationwide manufacturing activity focuses on smaller and medium-sized companies, filling a niche that isn’t covered by the official data.
The decline in the flash PMI was mainly led by the new orders and new export orders sub-indexes, suggesting weak domestic and external demand. The new orders sub-index fell 0.6 percentage points to 46.0 in September, while the new export orders sub-index slipped 0.8 percentage points to 45.8.
Also read – China economy to stabilise but may clock sub 7% growth: UBS
10:00 am Market Check
The market continued to see selling pressure following weakness in global peers on growth concerns. The Sensex fell 150.77 points to 25501.07 and the Nifty declined 61.90 points to 7750.10.
The broader markets, too, declined with the BSE Midcap and Smallcap indices falling 0.7 percent and 0.2 percent, respectively. About 687 shares have advanced, 968 shares declined, and 69 shares are unchanged on the BSE.
Shares of HDFC, ICICI Bank, Axis Bank, Tata Motors, L&T, ONGC, Bharti Airtel, Wipro and SBI were prominent losers in morning trade, down 1-2 percent. However, ITC, Mahindra & Mahindra, TCS, NTPC and Hero Motocorp outperformed with marginal gains.
Meanwhile, the rupee breached 66-mark against dollar today, continuing depreciation for the second consecutive session. The currency fell 15 paise to 66.02 a dollar.