Realty, telecom stocks slide

Key benchmark indices cut losses after an initial setback triggered by weak Asian stocks. At 10:16 IST, the barometer index, the S&P BSE Sensex was down 261 points or 0.94% to 27,615.61. The Nifty 50 index was currently down 87 points or 1.01% at 8,539.25. A new poll showing Republican candidate Donald Trump leading the US presidential race spooked investors.

A gap-down opening in tandem with other Asian stocks pulled key benchmark indices to their lowest level in over two weeks in early trade. The Sensex lost 341.59 points or 1.23% at the day's low of 27,535.02 in early trade, its lowest level since 17 October 2016. The barometer index fell 197.29 points or 0.71% at the day's low of 27,679.32 in opening trade. The Nifty lost 107.55 points or 1.25% at the day's low of 8,518.70 in early trade, its lowest level since 17 October 2016. The index fell 78.80 points or 0.91% at the day's high of 8,547.45 at onset of the day's trading session.

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 broad market depicted weakness. There were more than two losers for every gainer on BSE. 1,647 shares declined and 611 shares rose. A total of 72 shares were unchanged. The BSE Mid-Cap index was currently down 1.27%. The BSE Small-Cap index was currently down 1.17%. The fall in both these indices was higher than the Sensex's decline in percentage terms.

Bajaj Auto lost 0.87% after the company said its total sales rose 1% to 3.56 lakh units in October 2016 over October 2015. Bajaj Auto's domestic sales rose 6% to 2.38 lakh units in October 2016 over October 2015. Exports declined 8% to 1.17 lakh units in October 2016 over October 2015. The company announced the monthly sales volume data during market hours today, 2 November 2016.

Realty stocks dropped. DLF (down 2.47%), Indiabulls Real Estate (down 3.7%), Housing Development and Infrastructure (down 3.52%), D B Realty (down 1.55%), Unitech (down 1.66%), Sobha (down 1.13%), Prestige Estates Projects (down 1.41%), Oberoi Realty (down 1.27%), and Parsvnath Developers (down 1.33%) fell.

Godrej Properties rose 0.92% after the company said it sold over 6 lakh square feet of villas at its Godrej Golf Links township. Godrej Properties (GPL), one of India's leading real estate developers, announced that it has sold over 60,000 square meters (6 lakh square feet) of villas with a booking value well in excess of Rs 300 crore in a single day at the launch of its first project, Crest, at its 100 acre township Godrej Golf Links in Greater Noida. Godrej Golf Links, a golf and recreational residential township spread across 100 acres, will house a community of residential villas, a 9-hole golf course, and a wide-range of recreational features. The first project in the township, Crest, contains villas of various sizes and configurations that are designed to offer spectacular views of the sprawling golf course, green landscapes, and recreational zones. The announcement was made before market hours today, 2 November 2016.

Telecom stocks edged lower. Idea Cellular (down 1.31%), Bharti Airtel (down 0.49%), MTNL (down 1.48%), Tata Teleservices (Maharashtra) (down 2.67%) declined. Reliance Communications was trading unchanged at Rs 46.40.

Shares of Bharti Infratel rose 1.8%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

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