Market sees broad based sell-off

Bears are calling the shots on the bourses. Key benchmark indices were currently trading sharply lower. At 11:18 IST, the S&P BSE Sensex was off 457.46 points or 1.78% at 25,307.32. The 50-unit CNX Nifty was off 135.35 points or 1.73% at 7,687.65. Metal and banking led losses for key indices.

Overseas cues were negative. Asian stocks were in red on caution ahead of the influential monthly US job data for August 2015. The job data could be a key factor for the US Federal Reserve on its decision whether to raise interest rates at its two-day monetary policy meeting which begins on 16 September 2015. Trading in US index futures indicated that Dow may slide 129.50 points at the opening bell today, 4 September 2015.

Back home, the broad market depicted weakness. There were more than five losers against every gainer on BSE. 1,854 shares declined and 323 shares rose. A total of 74 shares were unchanged. The BSE Mid-Cap index was off 2.25%. The BSE Small-Cap index was down 2.6%. The decline in both these indices was higher than Sensex's decline in percentage terms.

In sector trends, shares of power generation and power distribution firms tumbled. Adani Power (down 6.15%), Reliance Power (down 5.86%), Tata Power (down 4.92%), JSW Energy (down 5.07%), Reliance Infrastructure (down 3.85%), Torrent Power (down 2.95%), NTPC (down 3.61%), NHPC (down 3.03%), GVK Power & Infrastructure (down 2.15%) and Power Grid Corporation of India (down 2.04%) edged lower.

Cement stocks also edged lower. UltraTech Cement (down 2.8%), ACC (down 2.9%), Ambuja Cements (down 2.1%) and Shree Cement (down 1.19%) edged lower.

Grasim Industries was off 2.37%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Glenmark Pharmaceuticals dropped 4.8% at Rs 1,015.50. The stock hit a high of Rs 1,088.60 and a low of Rs 1,005 so far during the day. The company's US subsidiary Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (US FDA) for Voriconazole Tablets, 50 mg and 200 mg, the therapeutic equivalent of Vfend Tablets, 50 mg and 200 mg of PF Prism C.V. (Prism). Glenmark Pharmaceuticals made the announcement before market hours today, 4 September 2015. According to IMS Health sales data for the 12 month period ended July 2015, the Vfend market achieved annual sales of approximately $91.4 million in the US.

Meanwhile, Glenmark Pharmaceuticals' wholly owned Swiss subsidiary, Glenmark Pharmaceuticals S.A. has announced that GBR 830, a novel monoclonal antibody has completed clinical phase 1 dosing.

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