Key benchmark indices extended losses and hit fresh intraday low in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 140.66 points or 0.53% at 26,409.36. The 50-unit CNX Nifty was down 43.20 points or 0.54% at 7,997. The Nifty fell below the psychological 8,000 mark. Nifty hit its lowest level in five weeks in morning trade.
The barometer index shed 159.65 points or 0.6% at the day's low of 26,393.27 in morning trade, its lowest level since 2 November 2015. The Sensex rose 4.88 points or 0.01% at the day's high of 26,557.80 in early trade. The Nifty dropped 53.50 points or 0.66% at the day's low of 7,986.70 in morning trade, its lowest level since 1 October 2015. The Nifty shed 9 points or 0.11% at the day's high of 8,031.20 in early trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,097 shares fell and 746 shares rose. A total of 68 shares were unchanged. The BSE Mid-Cap index was currently down 0.67%. The BSE Small-Cap index was currently down 0.55%. The decline in both these indices was higher than Sensex's fall in percentage terms.
In overseas markets, Asian stocks were mixed. US stocks dropped yesterday, 4 November 2015, as energy stocks turned lower on a drop in oil prices and two Federal Reserve officials said US economic strength could justify a December interest rate hike. Federal Reserve's Chairwoman Janet Yellen told Congress yesterday, 4 November 2015, the Fed expects the economy to continue to grow at a pace that returns inflation to policy-makers' target and that "if the incoming information supports that expectation, December would be a live possibility" for a rate increase at the Fed's next policy-setting meeting.
Investors in emerging markets, including India are worried that once the Fed starts raising interest rates, it will drain liquidity from global emerging markets and redirect it to developed economies. The Fed has held its benchmark short-term interest rate near zero since December 2008. The ultra-loose monetary policy in the US has encouraged heavy investment in higher-yielding emerging markets.
L&T rose 0.58% after the company announced that its construction division won orders worth Rs 2048 crore across various business verticals in October 2015. The company announced during market hours today, 5 November 2015.
Pharma stocks declined. Glenmark Pharmaceuticals (down 0.79%), Aurobindo Pharma (down 0.8%), Dr Reddy's Laboratories (down 0.34%), Lupin (down 1.18%), Divi's Laboratories (down 0.5%), and Sun Pharmaceutical Industries (down 1.67%) declined.
Cipla gained 0.18% ahead of its Q2 results today, 5 November 2015.
Bank stocks declined. Among public sector banks, Bank of Baroda (down 0.52%), UCO Bank (down 0.73%), Syndicate Bank (down 0.27%), Corporation Bank (down 0.93%), Allahabad Bank (down 0.53%), Bank of India (down 0.01%), State Bank of India (SBI) (down 0.1%), Union Bank of India (down 0.55%), Canara Bank (down 0.84%), and United Bank of India (down 1.15%) edged lower. Punjab National Bank rose 0.08%.
Among private sector banks, Axis Bank (down 1.16%), HDFC Bank (down 0.62%), ICICI Bank (down 0.55%), Kotak Mahindra Bank (down 1.22%), Federal Bank (down 1%), Yes Bank (down 1%), and IndusInd Bank (down 0.96%) edged lower.
Chennai Petroleum Corporation slumped 6.46% after the company reported weak Q2 results. The company reported net loss of Rs 452.39 crore in Q2 September 2015, higher than net loss of Rs 233.14 crore in Q2 September 2014. Total income from operations (net) fell 43.65% to Rs 5982.44 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 4 November 2015.
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