Key benchmark indices suffered severe setback in sync with weak global stocks following uncertainty over the outcome of the upcoming US presidential election. The barometer index, the S&P BSE Sensex lost 349.39 points or 1.25% to 27,527.22, as per the provisional closing data. The Nifty 50 index lost 108.15 points or 1.25% at 8,518.10, as per the provisional closing data. The Sensex hit its lowest level in over 2 weeks. The Nifty hit its lowest level in almost 15 weeks.
The broad market depicted weakness with many small and mid-cap stocks suffering sharp slide. There were two losers for every gainer on BSE. 1,958 shares declined and 977 shares rose. A total of 107 shares were unchanged. The BSE Mid-Cap index was provisionally down 1.84%. The BSE Small-Cap index was provisionally down 1.84%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
After seeing a gap-down opening key indices lost further ground as the day progressed. The Sensex lost 375.80 points or 1.35% at the day's low of 27,500.81 in late trade, its lowest level since 17 October 2016. The barometer index fell 197.29 points or 0.71% at the day's low of 27,679.32 in opening trade. The Nifty lost 121.40 points or 1.41% at the day's low of 8,504.85 in late trade, its lowest level since 22 July 2016. The index fell 76.75 points or 0.88% at the day's high of 8,549.50 at onset of the day's trading session.
The total turnover on BSE amounted to Rs 3262.94 crore, lower than turnover of Rs 3318.06 crore registered during the previous trading session.
Index heavyweight Reliance Industries (RIL) fell 2.13% to Rs 1,026. The stock hit high of Rs 1,042.05 and low of Rs 1,021.10 in intraday trade.
Pharma stocks declined. Sun Pharmaceutical Industries (down 2.4%), Alkem Laboratories (down 1.45%), Cadila Healthcare (down 3.24%), Cipla (down 2.55%), Dr Reddy's Laboratories (down 2.21%), Glenmark Pharmaceuticals (down 2.4%), GlaxoSmithKline Pharmaceuticals (down 1.26%), Aurobindo Pharma (down 2.12%) and Wockhardt (down 3.25%) fell.
Lupin slipped 1.29%. The company announced that it has received final approval for Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Janssen Pharmaceuticals, Inc.'s Ortho-Cyclen 28 Tablets (Norgestimate/Ethinyl Estradiol). The approved product will be manufactured at Lupin's Pithampur facility. Lupin's Norgestimate and Ethinyl Estradiol Tablets USP, 0.25 mg/0.035 mg are the AB rated generic equivalent of Janssen Pharmaceuticals, Inc.'s Ortho-Cyclen 28 Tablets (Norgestimate/Ethinyl Estradiol). It is indicated for use by females of reproductive potential to prevent pregnancy. Ortho-Cyclen Tablets had US sales of $178.2 million as per IMS MAT June 2016. The announcement was made after market hours yesterday, 1 November 2016.
In overseas markets, European and Asian markets dropped as a new poll showing Republican candidate Donald Trump leading the US presidential race spooked investors. US markets closed lower yesterday, 1 November 2016 as investors grappled with a tightening presidential race, economic data, corporate earnings, and the Federal Reserve's monetary policy decision. Polls reportedly show the race between Democratic nominee Hillary Clinton and Republican rival Donald Trump continues to tighten. Another poll reportedly showed Trump taking a one-point lead, while the polling average showed Clinton's lead narrowed to 2.2 percentage points from more than 7 points two weeks ago. Clinton is seen as the more market-friendly candidate by many investors. Meanwhile, the Federal Open Market Committee (FOMC)'s two-day meet on monetary policy concludes today, 2 November 2016. The FOMC is widely expected to leave rates unchanged. FOMC in its September meet had kept policy rate unchanged.
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