Market slumps in early trade on weak Asian stocks

Key benchmark indices saw a gap-down opening in tandem with other Asian stocks as a new poll showing Republican candidate Donald Trump leading the US presidential race spooked investors. At 9:27 IST, the barometer index, the S&P BSE Sensex was down 322.65 points or 1.16% to 27,553.96. The Nifty 50 index was currently down 94.25 points or 1.09% at 8,532.

In overseas markets, Asian markets were trading lower 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 will concludes today, 2 November 2016 and is widely expected to leave rates unchanged. FOMC in its September meet had kept policy rate unchanged.

Closer home, the market breadth indicating the overall health of the market was weak. On BSE, 1,300 shares declined and 290 shares rose. A total of 25 shares were unchanged. The BSE Mid-Cap index was currently down 1.39%. The BSE Small-Cap index was currently down 1.34%. The fall in both these indices was higher than the Sensex's decline in percentage terms.

Lupin slipped 0.73%. 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.

NTPC rose 0.06% after the company announced that in continuation with company's earlier disclosures in respect of Hindustan Urvarak & Rasayn (HURL), a joint venture company formed between NTPC (NTPC) and Coal India (CIL), a supplemental joint venture agreement has been signed on 31 October 2016 amongst NTPC, CIL, Indian Oil Corporation (IOC), Fertilizer Corporation of India (FCIL) and Hindustan Fertilizer Corporation (HFCL) in order to induct IOC, FCIL and HFCL, as joint venture partners and shareholders in HURL. Now, HURL shall also take up revival of Barauni plant of HFCL in addition to revival of Gorakhpur and Sindri plants of FCIL by setting up ammonia urea plants at each locations. The announcement was made after market hours yesterday, 1 November 2016.

Eicher Motors fell 1.15% . The company announced that total volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors rose 14.42% to 4,560 units in October 2016 over October 2015. The announcement was made after market hours yesterday, 1 November 2016.

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