Sensex down 685 points, Nifty cracks 17,700

Key indices suffered severe setback in early trade amid heavy selling pressure in index pivotals. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 693.14 points or 1.16% to 59,291.56. The Nifty 50 index fell 232.8 points or 1.3% to 17,624.45.

In the broader market, the S&P BSE Mid-Cap index fell 1.38% while the S&P BSE Small-Cap index declined 1.71%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 582 shares rose and 1724 shares fell. A total of 86 shares were unchanged.

Stocks in Spotlight:

IRCTC slumped 10% after the Railway Ministry asked the company to share the revenue earned from convenience fee collected by the company in the ratio of 50:50 with effect from November 1, 2021.

NTPC declined 4.9%. The company reported consolidated net profit of Rs 3690.95 crore in Q2FY22 against Rs 3494.61 crore in Q2FY21. Total income rose to Rs 33095.67 crore from Rs 28677.64 crore YoY.

Tata Power Company tumbled 6%. The company's consolidated net profit surged 36% to Rs 506 crore in Q2 FY22 from Rs 370.93 crore posted in Q2 FY21. Consolidated revenue rose 13% year on year to Rs 9,502 crore due to expanded operation in Odisha DISCOMs and higher project execution by Tata Power Solar Systems (TPSSL) and strong business performance of all other businesses.

Global Markets:

Asian markets were trading mixed as investors monitor stocks of Apple suppliers after the tech giant's revenue miss.

Investors watched for movements in regional Apple supplier stocks after the company's sales fell short of Wall Street expectations in its fiscal fourth quarter. CEO Tim Cook said there were larger-than-expected supply constraints on iPhones, iPads and Macs.

Japan's factory output shrank for the third straight month in September as production in the auto sector was hit by a global supply shortage. Factory production slumped 5.4% in September from the previous month, official data showed on Friday.

US stocks reached record levels on Thursday as strong earnings from major companies bolstered investor confidence.

The S&P 500 added 0.98% to close at a record high of 4,596.42, and the tech-heavy Nasdaq Composite jumped 1.39% to close at its own record of 15,448.12. The Nasdaq also notched an intraday record high. The Dow Jones Industrial Average rose 239.79 points, or 0.68%, to finish at 35,730.48, just under its all-time high.

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