Key benchmark indices extended initial losses and hit fresh intraday low in morning trade as weakness in Asian stocks dampened sentiment. At 10:20 IST, the barometer index, the S&P BSE Sensex lost 311.40 points or 0.98% at 31,611.04. The Nifty 50 index fell 110.15 points or 1.11% at 9,854.25. The Sensex hit almost three-week low. The Nifty hit almost four-week low.
The Sensex gained 94.08 points or 0.29% at the day's high of 32,016.52 in early trade. The index slumped 328.54 points or 1.02% at the day's low of 31,593.90 in morning trade, its lowest level since 6 September 2017. The Nifty declined 3.90 points or 0.03% at the day's high of 9,960.50 in early trade. The index 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 S&P BSE Mid-Cap index fell 2.04%. The S&P BSE Small-Cap index lost 2.85%. 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 six losers for every gainer on the BSE. 1,825 shares fell and 271 shares rose. A total of 74 shares were unchanged.
Cement stocks dropped. ACC (down 2.12%), Shree Cement (down 2.44%), Ambuja Cements (down 1.4%), and UltraTech Cement (down 1.06%) declined.
Grasim Industries declined 1.76%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Most telecom stocks declined. Reliance Communications (down 2.76%), Bharti Airtel (down 1.04%), Tata Teleservices (Maharashtra) (down 0.81%) and Idea Cellular (down 1.28%) declined.
Shares of Bharti Infratel gained 1.42%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Tata Steel (down 4.32%), Adani Ports & Special Economic Zone (down 4.06%) and L&T (down 2.78%) dropped from the Sensex pack.
Overseas, Asian stocks dropped as investors digested elections in Germany and New Zealand over the weekend. German Chancellor Angela Merkel's Christian Democratic Union party looked set to remain the largest party in the next German parliament, according to a Sunday, 24 September 2017, exit poll. 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.
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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