Key benchmark indices languished in the negative terrain in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 247.86 points or 0.89% to 27,628.75. The Nifty 50 index was currently down 84 points or 0.97% at 8,542.25. A new poll showing Republican candidate Donald Trump leading the US presidential race spooked investors sentiment.
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. 1,941 shares declined and 786 shares rose. A total of 90 shares were unchanged. The BSE Mid-Cap index was currently down 1.38%. The BSE Small-Cap index was currently down 1.48%. 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 over two-week low 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 high 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 low of 8,549.50 at onset of the day's trading session.
IT stocks dropped. HCL Technologies (down 0.78%), TCS (down 1.37%), Infosys (down 0.7%), MphasiS (down 0.45%), Tech Mahindra (down 0.46%) and Wipro (down 0.61%) edged lower.
Bank stocks also declined. Among public sector bank stocks, State Bank of India (SBI) (down 2.55%), Canara Bank (down 4%), Union Bank of India (down 2.84%), Bank of India (down 3.12%), Punjab National Bank (down 4.22%) Syndicate Bank (down 2.79%), Indian Overseas Bank (down 1.32%), Bank of Baroda (down 2.55%), Andhra Bank (down 2.84%), Oriental Bank of Commerce (down 3.37%), Dena Bank (down 1.99%), and Indian Bank (down 2.93%), declined.
Among private sector banks, Axis Bank (down 0.52%), ICICI Bank (down 1.53%), Kotak Mahindra Bank (down 0.21%), and HDFC Bank (down 0.73%) declined. IndusInd Bank rose 1.23%.
Yes Bank fell 3.15%. The bank announced that it has generated $650 million worth of business outstanding (customer assets) at its IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT). The announcement was made during market hours today, 2 November 2016. Yes Bank started operations in GIFT City in October 2015.
DIC India lost 0.72% after net profit dropped 50.7% to Rs 3.66 crore on 7.9% decline in net sales to Rs 176.32 crore in Q3 September 2016 over Q3 September 2015. The result was announced after market hours yesterday, 1 November 2016.
In overseas markets, 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's (FOMC) two-day meet on monetary policy will conclude today, 2 November 2016 and is widely expected to leave rates unchanged. FOMC in its September meet had kept policy rate unchanged.
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