Trading for the week started on a subdued note as key indices provisionally settled with modest losses as weakness in global stocks dampened sentiment. The barometer index, the S&P BSE Sensex lost 303.28 points or 0.95% at 31,619.16, as per the provisional closing data. The Nifty 50 index fell 89.10 points or 0.89% at 9,875.30, as per the provisional closing data. Indices dropped for the fifth straight session.
The Sensex slumped 447.88 points or 1.4% at the day's low of 31,474.56 in mid-afternoon trade, its lowest level since 29 August 2017. The index gained 94.08 points or 0.29% at the day's high of 32,016.52 in early trade. The Nifty fell 148.35 points or 1.48% at the day's low of 9,816.05 in mid-afternoon trade, its lowest level since 29 August 2017. The index declined 3.90 points or 0.03% at the day's high of 9,960.50 in early trade.
The market opened with small gains but soon slipped into the red in early trade tracking weak Asian stocks. Stocks extended losses in morning trade and later languished in the red till afternoon trade. Stocks once again came under selling pressure and hit fresh intraday low in mid-afternoon trade. Indices trimmed losses in late trade.
The S&P BSE Mid-Cap index provisionally fell 1.14%. The S&P BSE Small-Cap index provisionally lost 2.02%. The losses in both the indices were higher than the Sensex's slide in percentage terms.
The market breadth depicted weakness. There were more than three losers for every gainer on the BSE. 1,947 shares fell and 607 shares rose. A total of 178 shares were unchanged.
Realty stocks declined for the fourth straight day. Sobha (down 0.17%), Indiabulls Real Estate (down 6.87%), Unitech (down 3.43%), Phoenix Mills (down 1.72%), DLF (down 3.66%), and Omaxe (down 0.68%) edged lower.
Maruti Suzuki India declined 1.42%. The company said that urban premium S-Cross from Maruti Suzuki, is all set to arrive in a brand new avatar this festive season. The all-new S-Cross will further strengthen Maruti Suzuki's position in the premium segment. The company today opened bookings for the all-new S-Cross at its network of NEXA showrooms across India. The announcement was made during market hours today, 25 September 2017.
Novartis India slumped 6.53% after the company said that its board approved a proposal to buyback upto 34.50 lakh equity shares of Rs 5 each, representing 12.26% of the total paid-up equity capital, from the existing equity shareholders of the company on the record date. The company will buyback shares at Rs 670 per equity share, aggregating to Rs 231.15 crore. The board noted the intention of the promoter of the company to participate in the proposed buyback. The announcement was made during trading hours today, 25 September 2017.
Overseas, European and Asian stocks dropped as investors digested elections in Germany and New Zealand over the weekend. German business sentiment slipped in September, albeit from a high level, according to the Ifo Institute's monthly survey, which was conducted ahead of Sunday's general election. The German think tank said that its business climate index fell to 115.2 points from 115.9 points in August.
Chancellor Angela Merkel's conservative alliance won the German election, but a steep drop in its support and an anti-immigrant party's surge signaled political turbulence ahead for Europe's largest economy. Her center-right bloc's victory on Sunday, projected at about 33% to 21%, over the center-left Social Democrats means that Merkel is virtually assured of a fourth term as chancellor.
Elsewhere, the New Zealand election saw Prime Minister Bill English's National Party win the most votes, although it came short of securing a majority in parliament.
Japanese index edged higher as Japanese manufacturing activity expanded in September at the fastest pace in four months. The Markit/Nikkei Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 52.6 in September from a final 52.2 in August. Separately, Japan's government maintained its moderately optimistic view on the economy, signaling that a recovery is broadening and gathering strength even as inflation remains anemic.
Meanwhile, Japanese Prime Minister Shinzo Abe ordered his cabinet to compile new economic stimulus measures in a package worth around 2 trillion yen ($17.80 billion) by the end of the year.
US stocks bounced late in the session, paring early losses and ending little changed on Friday, 22 September 2017, as investors shook off the latest bellicosities between North Korean and US leaders. In the latest economic data, a read on manufacturing inched higher in September, while a read on the services sector was down slightly.
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