Weakness persists on bourses

Weakness persisted on the bourses in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex was down 259.02 points or 0.93% to 27,617.59. The Nifty 50 index was currently down 83.35 points or 0.97% at 8,542.90. Uncertainty over the outcome of the upcoming US presidential election weigh on market sentiment across the globe.

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

Closer home, the broad market depicted weakness with many small and mid-cap stocks suffering sharp slide. There were more than two losers for every gainer on BSE. 1,935 shares declined and 868 shares rose. A total of 109 shares were unchanged. The BSE Mid-Cap index was currently down 1.37%. The BSE Small-Cap index was currently down 1.4%. The fall in both these indices was higher than the Sensex's decline in percentage terms.

A gap-down opening in tandem with other Asian stocks pulled the 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 110.60 points or 1.28% at the day's low of 8,515.65 in early trade, its lowest level since 17 October 2016. The index fell 76.75 points or 0.88% at the day's high of 8,549.50 at onset of the day's trading session.

Tata Motors lost 2.59%. Jaguar Land Rover reported a 7% growth in US sales at 8,751 units in October 2016 over October 2015. Jaguar US sales jumped 226% to 3,219 units in October 2016 over October 2015. Land Rover US sales declined 23% to 5,532 units in October 2016 over October 2015. The company's British unit JLR sells premium luxury cars.

Coal India fell 0.71% after the company reported lower than targeted coal production and offtake in October 2016. Coal India and its subsidiaries achieved 84% of targeted production at 43.51 million tonnes in October 2016. The company achieved 90% of targeted offtake at 43.04 million tonnes in October 2016.

Most metal and mining stocks declined. JSW Steel (down 1.3%), Tata Steel (down 1.36%), Steel Authority of India (Sail) (down 0.86%), National Aluminium Company (down 2.45%), Hindustan Zinc (down 0.73%), Jindal Steel & Power (down 3.41%), Hindalco Industries (down 0.06%), edged lower.

Vedanta (up 0.41%), NMDC (up 0.83%), Hindustan Copper (up 0.16%) rose.

MOIL rose 5.65% after the company revised price of various grades of manganese ore with effect from 1 November 2016. MOIL raised the prices of all Ferro Grades of ore by 30%. The prices have been increased by 25% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices. The company hiked prices of Fines by 25%. It raised prices of all chemical grades by 30%. The existing price of Electrolytic Manganese Dioxide (EMD) has remained unchanged. The announcement was made after market hours yesterday, 1 November 2016.

MIC Electronics lost 8.85% after consolidated net profit declined 71.57% to Rs 2.22 crore on 1.95% rise in net sales to Rs 53.97 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 1 November 2016.

Future Enterprises lost 2.09% to Rs 16.40 as Arisaig India Fund sold 27.41 lakh shares of the company at an average price of Rs 16.95 per share in a bulk deal on the NSE yesterday, 1 November 2016

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