Key benchmark indices fell further into the negative terrain and hit fresh intraday low in mid-afternoon trade as weakness in global stocks dampened sentiment. At 14:20 IST, the barometer index, the S&P BSE Sensex was down 322.41 points or 1.12% at 28,345.81. The Nifty 50 index was currently down 95.70 points or 1.08% at 8,735.85. The Sensex and the Nifty, both, hit 1-1/2 week low in mid-afternoon trade.
The Sensex dropped 359.14 points or 1.25% at the day's low of 28,309.08 in mid-afternoon trade, its lowest level since 14 September 2016. The barometer index fell 37.30 points or 0.13% at the day's high of 28,630.92 at the onset of the trading session. The Nifty dropped 108.20 points or 1.22% at the day's low of 8,723.35 in mid-afternoon trade, its lowest level since 15 September 2016. The index shed 22 points or 0.24% at the day's high of 8,809.55 at the onset of the trading session.
In overseas stock markets, European stocks dropped as investors trod cautiously ahead of an Organization of the Petroleum Exporting Countries (OPEC) producers meeting in Algeria later this week. Asian stocks dropped after losses on Wall Street on Friday, 23 September 2016, as investors' attention turned from central banks to American politics ahead of the first US presidential debate. Investors are pessimistic over any breakthroughs in oil-production cuts when the OPEC gathers for an informal meeting on Wednesday, 28 September 2016.
US stocks logged weekly gains but ended with solid losses on Friday, 23 September 2016. Investors awaited US presidential debate between Donald Trump and Hillary Clinton due later in the global day today, 26 September 2016. US presidential elections will be held on 8 November this year.
Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 1,635 shares fell and 935 shares rose. A total of 186 shares were unchanged. The BSE Mid-Cap index was currently down 0.63%. The BSE Small-Cap index was currently down 0.59%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Shares of most power generation and power distribution companies edged lower. GVK Power & Infrastructure (down 1.45%), NHPC (down 0.77%), NTPC (down 1.75%), Adani Power (down 0.72%), Reliance Infrastructure (down 1.37%) and Reliance Power (down 0.68%) declined. Torrent Power (up 1.82%), Tata Power Company (up 0.79%), Power Grid Corporation of India (up 0.17%),
Shares of state run Coal India rose 0.53%.
Shares of oil production and exploration firms fell as crude oil prices gained after fall in crude oil prices in the previous session. Cairn India (down 0.91%), Oil India (down 0.28%), and ONGC (down 3.26%) declined. Reliance Industries (RIL) rose 1.43%. Lower crude oil prices would result in decrease in realizations from crude sales for oil exploration firms.
Shares state-run oil-marketing companies (PSU OMCs) fell as crude oil prices rose as crude oil prices dropped in the previous session. Indian Oil Corporation (IOC) (up 1.3%), BPCL (up 1.64%) and HPCL (up 1.49%) gained. Lower crude oil prices could decrease under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In global commodities markets, Brent crude oil futures for November settlement was up 1 cent at $45.90 a barrel. The contract had fallen $1.76 a barrel or 3.69% to settle at $45.89 a barrel during previous trading session.
Marksans Pharma surged 11.49% after the company said that US Food and Drug Administration (USFDA) has granted approval to the company for an abbreviated new drug application (ANDA) for Loratadine liquid filled capsules 10 mg. Loratadine liquid filled capsules 10 mg is therapeutically equivalent to the reference listed drug Claritin Liqui-Gels Capsules 10 mg of Bayer Healthcare LLC. Loratadine is an antihistamine that reduces the effects of natural chemical histamine in the body. Loratadine is used to treat sneezing, runny nose, watery eyes, hives, skin rash, itching and other allergy symptoms. The announcement was made during market hours today, 26 September 2016.
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