Key indices further extended losses and hit fresh intraday low in mid-afternoon trade as weakness in global stocks dampened sentiment. At 14:30 IST, the barometer index, the S&P BSE Sensex lost 340.91 points or 1.07% at 31,581.53. The Nifty 50 index fell 109.75 points or 1.1% at 9,854.65.
The Sensex slumped 447.88 points or 1.4% at the day's low of 31,474.56 in mid-afternoon trade, its lowest level since 29 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 148.35 points or 1.48% at the day's low of 9,816.05 in mid-afternoon 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 till afternoon trade.
The S&P BSE Mid-Cap index fell 1.49%. The S&P BSE Small-Cap index lost 2.3%. 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. 2,069 shares fell and 449 shares rose. A total of 135 shares were unchanged.
Shares of power generation and power distribution companies were mixed. NHPC (down 2.87%), NTPC (down 0.3%), Reliance Infrastructure (down 1.77%) and Reliance Power (down 0.35%) declined. Torrent Power (up 0.28%), Power Grid Corporation of India (up 0.07%), Adani Power (up 0.16%) and Tata Power Company (up 1.86%) gained.
Pharma stocks declined for the second straight day. Glenmark Pharmaceuticals (down 2.05%), Aurobindo Pharma (down 3.02%), Cipla (down 2.36%), Dr Reddy's Laboratories (down 1.81%), Cadila Healthcare (down 1.56%), Divi's Laboratories (down 2.37%), and Sun Pharmaceutical Industries (down 1.25%) declined.
Lupin dropped 1.82%. The company has announced that it has received final approval for its Clobetasol Propionate Lotion, 0.05% from the United States Food & Drug Administration (USFDA) to market a generic version of Galderma Laboratories L.P.'s Clobex Lotion, 0.05%. The announcement was made during market hours today, 25 September 2017.
It is a corticosteroid indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses, in patients 18 years of age or older. Clobex Lotion, 0.05% had US annual sales of $14.3 million as per IMS MAT June 2017.
Deepak Fertilisers and Petrochemicals (DFPCL) rose 2.54% after the company said that it plans to set up a brown field Iso Propyl Alcohol (IPA) plant, with high purity Diisopropyl Ether (DIPE) as co-product, at Taloja with an ISBL (Inside Battery Limit) investment of approximately Rs 450 crore.
DFPCL, the sole manufacturer of IPA in India, enjoys significant market leadership. The OSBL (Outside Battery Limit) cost of the project will be worked out by engineering consultant with inputs of technology licensors. The announcement was made after market hours on Friday, 22 September 2017.
Overseas, European and Asian stocks dropped as investors digested elections in Germany and New Zealand over the weekend. German business sentiment slipped in September, albeit from a high level, as companies lowered their outlook, according to the Ifo Institute's monthly survey, which was conducted ahead of Sunday's general election. The German think tank said that its business climate index fell to 115.2 points from 115.9 points in August.
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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