The bloodbath continues for Indian equity benchmarks where frontline gauges shaved off two and a half percent, breaching their crucial levels. The BSE Sensex fell below the psychologically important 26,000-level while Nifty crashed below the key 8,000-mark. The Nifty Index dropped below the 8000-mark for the very first time since June 24, when global equities had sold off on the surprise Brexit vote.

Nifty trading at 7,929, down 145 points, while BSE Sensex closed at 25,765, down 385 points.

Wipro, TCS, ONGC, Reliance and Hero were among the gainers, whereas SBI, Tata Steel, PowerGrid, Maruti, Tata Motors and Mahindra & Mahindra were among the top losers on BSE. The stocks today dropped by 3-6%.

In this downturn, some sectors worth buying would be Capital Goods, Banking, Oil & Gas, Pharma while sectors that can be avoided are Auto and Realty.

Panacea Biotec rallied 2.3% after the pharma company announce receipt of Establishment Inspection Report (EIR) from the USFDA indicating the formal closure of the cGMP and Pre­ Approval Inspection conducted by USFDA, at its Oncology Parenteral and Oral Solids Dosage formulation facilities at Malpur, Baddi in Himachal Pradesh.

Cadila Healthcare slipped 1.7%. Zydus Cadila has received the final approval from the USFDA to market for Metronidazole Tablets USP in strengths of 250 mg and 500 mg. The drug which is used to treat infections caused by bacetria will be produced at the group’s formulations manufacturing facility at Baddi.

Mawana Sugars soared 12% to Rs 48 on the BSE. The Board of Directors of the Company has agreed to sell one of the operating units of the Company viz. Titawi Sugar Complex (TSC) in Uttar Pradesh as a going concern on an ‘As is Where is What is’ basis to Indian Potash Limited.

Techno Electric & Engineering Company was down 2% when the market closed today.

The rupee was trading at 68.15/$ trailing by 2 paise.

Out of 1,886 stocks traded on the NSE, 1428 declined, 228 advanced and 230 remained unchanged today.

Top 5 Nifty Gainers: Adani Ports & Sez (2.67%), Maruti Suzuki (2.34%), Cipla (2.34%), Hind. Unilever (1.67%) and Tata Steel (1.55%).

Top 5 Nifty Losers: BHEL (-2.80%), L&T (-1.81%), NTPC (-1.65%), GAIL (-1.58%) and Dr Reddys Lab (-0.97%)

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The Indian equity market declined for the fifth consecutive session. A sharp plunge in the rupee against the dollar and exception of strong foreign capital outflows after hints of rate hike in December by US Federal Reserve Chairwoman, Janet Yellen dampened the market sentiment. The Sensexdropped over 100 points during the last trading session while the broader Nifty50 hit a 6-month low. The domestic market posted its worst week since February 12.

Nifty closed with a loss of mere six points at 8,074, while BSE Sensex opened at 26,270, touched an intra-day high of 26,349 and low of 26,118.

Asian markets closed mostly lower on Friday, with the Japanese market leading gains on the back of a relatively weaker yen, helping shares of the country’s big exporters. At the close in Tokyo, the Nikkei gained 0.58% to hit a new 6-month high. Hang Seng closed marginally higher, whereas Shanghai Composite slipped 0.5%.

European indices are trading in red. The FTSE 100 and CAC 40 were trading down by 0.4% each, while DAX is marginally lower.

Meanwhile, IT stocks continue to reel under pressure for the third straight day after Nasscom revised the IT sector’s growth forecast downwards to 8-10 per cent this year, as its biggest members such as TCS, Wipro, and Infosys struggle to grow faster because of an uncertain environment.

Punj Lloyd gained 2.6% to Rs 19.55 on NSE after the company said that its wholly-owned subsidiary executed definitive agreements with India Power Green Utility to co-develop 30 megawatts of solar assets.

Dilip Buildcon advanced 1.6% after the company announced that Northern Coalfields (M.P) has declared DBL-DECO (a joint venture of the Company) as the successful bidder (L1) for Excavation of Overburden of First Dig (Solid) and Re-handling by Mechnical Means at specified places at NIGAHI OCP of NCL at a project cost of Rs 1,469.8 crore.

Career Point rose 1%. The company has acquired 1,68,000 fully paid up equity shares 40% of Rs 10 each of Gyan Eduventure Pvt. Ltd., the subsidiary of the Company and consequently, Gyan Eduventure Pvt. Ltd. has now become a wholly owned subsidiary of the Company.

Canara Bank gained 2.6% after the bank has revised deposit interest rates in different maturities in retail and bulk deposits in the range of 5bps to 25 bps and these are effective from November 21, 2016.

IL&FS Transportation Networks advanced 1% after the company announced that the joint venture of the Company and IL&FS Engineering and Construction Co in the ratio of 51:49, has emerged as the Lowest Bidder for the development of two road projects of Madhya Pradesh Road Development Corporation under Madhya Pradesh District Road II Sector Project. The company had quoted an amount of Rs 213.5 crore for Project I and Rs 161.7 crore for Project 2 respectively. The construction period for Project 1 is 730 days and Project 2 is 548 days.

Deepak Fertilisers dropped 6.2%. The company reported a net profit of Rs 26.96 crore for the quarter ended September 30, 2016 against Rs 28.31 crore in the corresponding quarter last year.

Petronet LNG climbed 8.3%. The company’s net profit of Rs 460 crore in July-September is 82% higher than the Rs 253 crore net profit in the same period a year ago.

Reliance Industries rose 1% after the company entered into a global partnership agreement with GE to enter into the Industrial Internet of Things (IIOT) space by building joint applications on the latter’s Predix platform.

The rupee was trading down 34 paise at 68.15 per US dollar.

Out of 1,367 stocks traded on the NSE, 610 declined and 714 advanced today.

Top 5 Nifty Gainers: Wipro (1.12%), Infosys Ltd (0.56%), ONGC (0.42%), GAIL (0.39%) and Coal India (0.37%).

Top 5 Nifty Losers: SBI (-1.92%), HDFC (-1.67%), Dr Reddys Lab (-1.49%), Asian Paints (-1.46%) and Tata Steel (-1.45%)

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The domestic market fell for the fourth straight session as lenders pared most of their early gains to close lower along with software exporters while select energy and auto stocks made a comeback ahead of US Federal Reserve Chair Janet Yellen’s testimony to the US Congress today. Yellen is likely to speak on the possible impact of US president-elect Donald Trump’s policies and the outlook for inflation.

Though buying interest in select index majors pushed the index higher in the middle, it failed to hold at a higher level and again retraced to the day’s low in the end.

Nifty closed with a loss of 32 points at 8,080, while BSE Sensex ended today’s trading with a loss of mere 71 points at 26,228.

On the global front, a drop in oil prices weighed on Asian markets on Thursday. Chinese shares headed for their third successive session of losses apprehending that the US Fed will raise rates in December. The Shanghai Composite index and Hong Kong’s Hang Seng index closed marginally lower. Nikkei 225 closed in green.

In Europe, the FTSE 100 was trading up by 0.2%. DAX and the CAC 40 were trading in red.

Lupin Ltd closed marginally higher on the BSE. The company announced that its US subsidiary, Gavis Pharmaceuticals LLC., U.S.A. (collectively Lupin) has received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets USP from the USFDA to market a generic equivalent of Mikart, Inc’s Hydrocodone Bitartrate and Acetaminophen Tablets.

IT stocks dropped 1.4% on the BSE after Nasscom said on Wednesday that India’s software services industry will grow at a slower pace than estimated earlier. Nasscom now expects the IT exports to grow between 8% to 10% in the current fiscal, slower than the earlier projection of 10 to 12%. TCS tanked 2.5%, HCL Tech and Wipro closed down 1.5% each, while Infosys slipped 1.3%.

Bharti Airtel dropped 4.3%. Bharti Airtel announced completion of the merger of its subsidiary Bangladesh telecom unit with Robi Axiata Limited.

Greenply Industries jumped 6%. The company informed on BSE that MSCI has announced changes to its constituents for the MSCI Global Small Cap Indices as part of the change. Change in constituents for the MSCI Global Small Cap indices will take place at the close of November 30, 2016.

Indraprastha Gas rose 2.2%. The company posted a net profit of Rs 144 crore for the quarter ended September 30, 2016 as compared to Rs 102 crore for the quarter ended September 30, 2015.

Voltas fell 7.8%. The company reported 7% increase in consolidated net profit at Rs 72 crore for the quarter ended on September 30, 2016. It had posted a net profit of Rs 67 crore in the July-September quarter a year ago.

Shipping Corporation of India tanked 8% after the company posted standalone net loss of Rs 20 crore for the second quarter ended September 30, 2016-17. The company had posted standalone net profit of Rs 162 crore in the July-September quarter of the 2015-16 fiscal.

Engineers India soared 2.6% to Rs 265. Engineers India reported a 21% jump in net profit in the September quarter at Rs 94 crore as compared to Rs 77 crore in the same period a year before, and declared a 1:1 bonus share.

Axis Bank advanced 0.50% to Rs 474. The bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20%.

The rupee was trading up 13 paise at 67.81 per US dollar.

Out of 1,506 stocks traded on the NSE, 999 declined and 471 advanced today. The BSE Midcap and Smallcap indices ended up.

Top 5 Nifty Gainers: Bharti Airtel (1.91%), Asian Paints (1.28%), BHEL (0.79%), ONGC (0.73%) and Lupin Ltd (0.71%).

Top 5 Nifty Losers: ITC Ltd (-1.44%), Tata Motors (-0.36%), Tata Steel (-0.24%) and Maruti Suzuki (-0.16%)

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