Domestic equity markets fell more than 2 per cent on Friday to its lowest in nearly 14 months, on weak global cues amid caution ahead of a key US jobs report due later in the day.
The BSE Sensex and NSE Nifty closed 562.88 points and 167.95 points lower at 25,201.90 and 7,655.05, respectively.
In the 50-share Nifty index, BPCL, Coal India, Bharti Airtel and Lupin closed higher between 0.20 per cent and 1.50 per cent. On the other hand, Vedanta, GAIL, Tata Power, Tata Steel and Hindalco fell between 4 per cent and 5 per cent.
Among the sectoral indices on the Bombay Stock Exchange (BSE), the BSE Realty index tumbled the most — 3.32 per cent at 1,242.32, it was followed by the BSE Power index (down 3.03 per cent), BSE Bankex (down 2.65 per cent), BSE Healthcare index (down 2.42 per cent) and BSE Information Technology index (down 2.34 per cent). Rest all other sectoral indices on BSE ended in red.
Gaurav Jain, director, Hem Securities, said, “Strong carnage on the Indian benchmarks in line with its global partners. Continued selling pressure by the foreign portfolio investors, weakness in rupee and global jitters weighed on the sentiment.”
Market breadth for the day remained negative as advances to declines ratio for Nifty stood at 4:46 for the day.
Cipla fell 1.13 per cent at Rs 649.40. The pharma major on Friday announced acquisition of two US-based pharma companies for total cash consideration of $550 million.
Lupin dropped 0.21 per cent at Rs 1,859.25. Lupin’s US subsidiary Lupin Pharmaceuticals, Inc. (Lupin) has launched a generic antidepressant medicine Duloxetine 40 mg Delayed-Release (DR) Capsule in the United States.
Glenmark Pharmaceuticals slid 3.63 per cent at Rs 1,028.05. The company’s US subsidiary Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (US FDA) for Voriconazole Tablets, 50 mg and 200 mg, the therapeutic equivalent of Vfend Tablets, 50 mg and 200 mg of PF Prism C.V. (Prism). Glenmark Pharmaceuticals made the announcement before market hours on Friday.
World shares slid towards their fourth weekly loss in the last five on Friday, as a boost from a supportive-sounding European Central Bank gave way to caution ahead of closely watched US jobs data.
Markets through the day
3.07 pm: Sensex was down 556 points at 25,208.
2.49 pm: Shriram City Union Finance shares were trading 0.37 per cent higher at Rs 1640 apiece. Credit rating agency, CARE has assigned ‘AA+’ rating to Shriram City Union Finance’s Proposed Non-Convertible Debenture (NCD) issue worth Rs 35.00 crore.
2.22 pm: There were only three gainers in the 50-share Nifty pack. Bharti Airtel, BPCL and Lupin were up 0.91 per cent, 0.21 per cent and 0.03 per cent, respectively. CNX Nifty was down 171 points at 7,652.
2.04 pm: Sensex was down 2.34 per cent at 25,162. European shares also retreated on Friday after strong gains in the previous session, with investors focusing on a US jobs report for hints about the timing of an expected interest rate rise in the United States.
1.58 pm: Sensex was down 607 points at 25,157. Nifty was down 190.75 points at 7,633. In the 30- share Sensex, Vedanta and Tata Steel were down over 5 per cent.
1.40 pm: Sensex was down 550.37 points at 25,214.41. Nifty was down 172.60 points at 7,650.40 during the same time.
1.12 pm: Amtek Auto shares were trading 5.71 per cent lower at Rs 29.71 apiece. It opened at Rs 28.80 and had touched a high and low of Rs 30.60 and 25.60, respectively, in trade so far. Shares of Amtek Auto have declined after FIIs sold nearly four million equity shares of the company through open market. On September 3, 2015, the Swiss Finance Corporation (Mauritius) has sold 2.74 million shares at Rs 35.88 per share, while Barclays Capital Mauritius has sold 1.22 million shares at Rs 36.50 per share on the NSE.
Sensex was down 572.24 points at 25,193.
12.47 pm: Sensex was down 564 points at 25,200. “The uncertainty over the US Fed rate hike is spooking global markets and the Nifty is no exception,” said Arun Gopalan, vice president at brokerage Systematix Shares & Stocks.
“We could witness further downside on the Nifty if the Fed hikes rates in September,” he added.
12.33 pm: The BSE Sensex and NSE Nifty continue to trade weak in the afternoon trade. Sensex and Nifty were down by 2 per cent at 25,253 and 7,661. The top losing sectoral indices on the BSE were Realty down by 4.05 per cent, Power down by 3.34 per cent, Bankex down by 2.90 per cent and Consumer Durables down by 2.86 per cent. Rest all other sectoral indices were in red on BSE.
12.16 pm: Meanwhile, Japanese stocks slipped to seven-month lows, with the Nikkei posting its biggest weekly fall in almost a year and a half with speculators dumping futures while investors stayed risk-averse ahead of the release of a key US jobs report later in the day. The Nikkei lost 2.2 per cent to close at 17,792.16, shedding 7 per cent throughout its fourth straight week of declines, its largest weekly fall since April 2014.
Back home, Sensex was down down 488.27 points at 25,276. Nifty was down 155 points at 7,670.
11.37 am: FIIs were net sellers in the cash market segment on 3 September 2015, Wednesday sold shares worth Rs 1,525.14 crore.
10.59 am: The barometer index, the S&P BSE Sensex was down 544 points or 2.11 per cent at 25,232. The 50-unit CNX Nifty was off 161.75 points or 2.07 per cent at 7,661.25.
Rohit Gadia, founder and chief executive officer, CapitalVia Global Research on the current market fall said, “We are expecting further sell off in the market due to continuous selling from FII’s and negative global sentiments, leading to a downside movement. Technically Nifty can test the levels of 7,450 and if this level is breached the next level for Nifty can be 7,000. For new investors, we will suggest to stay away from market for time being till slight recovery is seen. For existing investors we will suggest wait for further correction of 4-5 per cent and post that add positions from those levels.”
10.14 am: Sensex was down 494 points at 25,270. Brokers said besides profit-booking by speculators and sustained capital outflows by foreign funds, a weak trend on other Asian bourses with investors awaiting a key US jobs report influenced sentiments here.
9.54 am: The BSE Midcap index was down 201.23 points or 1.91 per cent at 10,358.98. The decline in the index was higher than Sensex’s decline in percentage terms. The BSE Smallcap index was down over 2 per cent at 10,620.
9.46 am: Sensex was down 481.66 points at 25,283. Nifty was down 154.15 points at 7,668.85.
9.41 am: Sensex was down over 500 points. Nifty hits fresh 52-week low. Lupin edged higher after the company’s US subsidiary launched a generic antidepressant medicine in the United States.
9.35 am: Sensex slid 352 points at 25,412 while Nifty was down 114.65 points at 7,708.35. Cipla, Zeel, Lupin, BPCL and Wipro were among the top gainer in the 50-share Nifty index.
9.31 am: Nifty was down 72.35 points at 7,750.65. National Buildings Construction Corporation (NBCC) announced on Thursday (post market hours), that it secured total business amounting Rs 386.78 crore from various clients in the month of August 2015. NBCC was trading 1.05 per cent higher at Rs 999.85.
9.24 am: Sensex was down 255 points at 25,509.61. Amtek Auto was down over 10 per cent at Rs 28.30.
Domestic equity markets opened on a flat note on Friday. The BSE Sensex opened 7.8 points higher at 25772.58 while NSE Nifty opened 19.6 points down at 7,803.40.
On Thursday, the BSE Sensex and NSE Nifty snapped three-day losing streak and rose 1.22 per cent and 1.37 per cent at 25764.78 and 7,823, respectively.
(With inputs from agencies)