Key benchmark indices extended fall in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was down 161.14 points or 0.59% at 27,092.30. The 50-unit CNX Nifty was down 40.45 points or 0.49% at 8,192.45. The losses for the Sensex were higher in percentage terms than those for the Nifty.
Earlier, the Sensex and the Nifty, both, hit their lowest level in almost two weeks. The Sensex fell 168.57 points or 0.61% at the day's low of 27,084.87 in early afternoon trade, its lowest level since 16 October 2015. The Nifty fell 51.90 points or 0.63% at the day's low of 8,181 in morning trade, its lowest level since 16 October 2015.
In overseas markets, Asian markets declined ahead of a policy statement from the US Federal Reserve later in the global day today, 28 October 2015. US stocks slipped for a second consecutive day yesterday, 27 October 2015 due to combination of slumping oil prices, soft economic data and mixed earnings. The Fed's two-day policy meeting began yesterday, 27 October 2015. Investors are bracing for whether the central bank will hint at a December hike in interest rates. The Fed has held its benchmark short-term interest rate near zero since December 2008.
The market breadth indicating the overall health of the market was positive. On BSE, 1,175 shares rose and 1,150 shares fell. A total of 170 shares were unchanged. The BSE Mid-Cap index was up 0.06%. The BSE Small-Cap index was up 0.34%. Both these indices outperformed the Sensex.
Axis Bank (down 6.13%), ICICI Bank (down 3.1%) and State Bank of India (down 2.31%) edged lower from the Sensex pack.
Pharma stocks were mixed. Wockhardt (up 1.2%), Cadila Healthcare (up 0.93%) and GlaxoSmithKline Pharmaceuticals (up 0.54%) rose.
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Cipla (down 0.35%), Glenmark Pharmaceuticals (down 0.97%), Sun Pharmaceutical Industries (down 0.28%), Aurobindo Pharma (down 0.13%) fell.
Dr Reddy's Laboratories lost 2.05%. The company is set to announce its Q2 September 2015 result tomorrow, 29 October 2015.
Shares of pharma major Lupin extended its post-result slide. The stock dropped 2% at Rs 1,907. The stock had dropped 5.25% to settle at Rs 1,945.65 yesterday, 27 October 2015 after reporting weak Q2 results. On a consolidated basis, Lupin's net profit fell 35.1% to Rs 408.80 crore on 2% rise in net sales to Rs 3178.30 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours yesterday, 27 October 2015.
Power generation stocks declined. NTPC (down 1.25%), Tata Power Company (down 1.35%), CESC (down 0.26%), Reliance Infrastructure (down 0.93%), Reliance Power (down 0.5%), NHPC (down 055%), Jaiprakash Power Ventures (down 0.15%) and Adani Power (down 0.16%) edged lower. JSW Energy rose 0.82%.
Bharat Bijlee surged 8.27% after the company reported net profit of Rs 0.67 crore in Q2 September 2015 compared with net loss of Rs 10.01 crore in Q2 September 2014. The company's net sales declined 10.8% to Rs 132.80 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 27 October 2015.
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