Market continued to languish in negative zone in afternoon trade tracking lower opening on European bourses. At 13:15 IST, the barometer index, the S&P BSE Sensex lost 351.12 points or 1.1% at 31,571.32. The Nifty 50 index fell 114.75 points or 1.15% at 9,849.65.
The Sensex slumped 381.72 points or 1.19% at the day's low of 31,540.72 in afternoon trade, its lowest level since 30 August 2017. The index gained 94.08 points or 0.29% at the day's high of 32,016.52 in early trade. The Nifty fell 128.20 points or 1.28% at the day's low of 9,836.20 in morning trade, its lowest level since 29 August 2017. The index declined 3.90 points or 0.03% at the day's high of 9,960.50 in early trade.
The market opened with small gains but soon slipped into the red in early trade tracking weak Asian stocks. Stocks extended losses in morning trade and languished in the red later during the session. Weak opening on European bourses also restricted indices to negative zone in afternoon trade.
The S&P BSE Mid-Cap index fell 1.46%. The S&P BSE Small-Cap index lost 2.23%. The losses in both the indices were higher than the Sensex's slide in percentage terms.
The market breadth depicted weakness. There were more than four losers for every gainer on the BSE. 2,008 shares fell and 422 shares rose. A total of 118 shares were unchanged.
IT stocks declined. HCL Technologies (down 1.19%), Tech Mahindra (down 1.12%), Wipro (down 1.02%) and Infosys (down 0.84%) edged lower. TCS (up 0.55%) gained.
FMCG stocks fell. Marico (down 1.73%), Emami (down 1.63%), Colgate-Palmolive (India) (down 1.25%), Procter & Gamble Hygiene and Health Care (down 0.9%), Nestle India (down 0.59%) and Britannia Industries (down 0.1%) declined. Dabur India (up 0.48%), Hindustan Unilever (up 0.35%) and Godrej Consumer Products (up 2.35%) edged higher.
ITI lost 4.84% at Rs 132.75, with the stock sliding on profit booking after recent rally triggered by the company being declared as lowest bidder for a large project. Shares of ITI had jumped 36.96% in the preceding two trading sessions to settle at Rs 139.50 on Friday, 22 September 2017, from its close of Rs 101.85 on 20 September 2017 after the company said after market hours on 20 September 2017 that it has been declared as lowest bidder in the Rs 7000 crore Phase IV tender of Army (Army Static Switched Communication Network - ASCON) for deploying and maintaining its strategic communication network across the country.
Overseas, European and Asian stocks dropped as investors digested elections in Germany and New Zealand over the weekend. Chancellor Angela Merkel's conservative alliance won the German election, but a steep drop in its support and an anti-immigrant party's surge signaled political turbulence ahead for Europe's largest economy. Her center-right bloc's victory on Sunday, projected at about 33% to 21%, over the center-left Social Democrats means that Merkel is virtually assured of a fourth term as chancellor.
Elsewhere, the New Zealand election saw Prime Minister Bill English's National Party win the most votes, although it came short of securing a majority in parliament.
Japanese index edged higher as Japanese manufacturing activity expanded in September at the fastest pace in four months. The Markit/Nikkei Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 52.6 in September from a final 52.2 in August. Separately, Japan's government maintained its moderately optimistic view on the economy, signaling that a recovery is broadening and gathering strength even as inflation remains anemic.
Meanwhile, Japanese Prime Minister Shinzo Abe ordered his cabinet to compile new economic stimulus measures in a package worth around 2 trillion yen ($17.80 billion) by the end of the year.
US stocks bounced late in the session, paring early losses and ending little changed on Friday, 22 September 2017, as investors shook off the latest bellicosities between North Korean and US leaders. In the latest economic data, a read on manufacturing inched higher in September, while a read on the services sector was down slightly.
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