The Indian stock market declined for the third consecutive session after a weak opening in European equities increased anxiety among investors ahead of next week’s U.S. presidential elections. Both the indices ended the truncated week down 2.5%. It is their biggest weekly decline since October 2. Also, sharp decline in Midcap and Smallcap pack completely unsettled the participants and pushed them on the back foot.

Nifty closed with a loss of 51 points at 8,434, while BSE Sensex ended with a loss of 156 points at 27,274.

Asian markets closed in red as investors remained cautious ahead of the U.S. presidential election next week as well as the release of the U.S. jobs data for October later in the day.

China’s Shanghai Composite and Hong Kong’s Hang Seng closed marginally lower, while Japan’s Nikkei closed lower by 1%.

In Europe, the FTSE 100 was trading down by 1%. DAX and the CAC 40 were trading flat around 0.80% each.

Titan Company Ltd slumped 2.2% on the BSE. The company has posted a profit after taxes of Rs 180.7 crore for the quarter ended September 30, 2016 as compared to Rs 146.4 crore for the quarter ended September 30, 2015.

Shares of the FMCG stocks rallied 1.4% after the GST council decided on a four tier tax rate structure. The tax rate slabs have been fixed at 5%, 12%, 18% and 28%, Finance Minister Arun Jaitley said in a press conference in New Delhi. ITC zoomed 3.6%, Colgate gained 3.4% while Dabur advanced 1.8%.

Larsen and Toubro slipped 1.7%. Suuti will pare its holding in India’s largest engineering company Larsen and Toubro Ltd through a block deal, as per media reports.

Pharmaceuticals stocks were under pressure as reports suggested that United States may bring charges of price collusion against a group of drug makers before the end of this year. The BSE Healthcare slipped 4% or 657 points at 15,150 as against the previous close of 15,807. The BSE Healthcare opened at 15,686 and hit a high of 15,406 and a low of 15,036. Sun Pharma fell 7%, Dr Reddy’s dropped 5.2% and Aurobindo Pharma tanked 3.6%.

Mphasis slipped 1.3%. The IT company registered a 3% rise in its consolidated net profit at Rs 211 crore for the quarter ended September 30, 2016 against Rs 204 crore in the same quarter last year.

TD Power Systems fell 4.6%. TD Power posted a net profit of Rs 1.3 crore for the quarter ended September 30, 2016 as against a net profit of Rs 1.1 crore in the same quarter a year ago.

Tube Investment dragged 2.3% to Rs 638. The company reported 113.3% rise in net profit at Rs 54 crore for the quarter ended September 30, 2016 as against Rs 25 crore in the corresponding quarter a year ago.

The rupee was trading marginally higher by one paise at 66.73 per US dollar.

Out of 1,478 stocks traded on the NSE, 1,292 declined and 159 advanced today.

Top 5 Nifty Gainers: Lupin Ltd. (6.59%), BHEL (3.48%), ITC Ltd. (2.87%), SBI (2.74%) and Dr. Reddys Lab (2.35%).

Top 5 Nifty Losers: Hind. Unilever (-0.78%), TCS (-0.61%), HDFC (-0.59%), L&T (-0.24%) and Wipro (-0.21%)

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The Sensex and Nifty closed near a 4-month low amid weakness in global markets and uncertainty about the outcome of US presidential elections which weighed on the sentiment.

The domestic market opened lower, the Nifty breached the crucial 8500 level for the first time since July 11.

Nifty closed with a  loss of 29 points at 8,485, while BSE Sensex ended with a loss of 97 points at 27,430.

On the economy front, the Centre and the states have managed a broad consensus on the tax rates under the goods and services tax (GST) after the Centre agreed to add an additional slab of 40% in the rate structure of this ambitious tax reform, as per media reports.

Among the Asian Markets, China’s Shanghai Composite closed in green, while the Japan’s Nikkei and Hong Kong’s Hang Seng closed lower by 1% respectively.

Ambuja Cements advanced 1% after the company reported a net profit of Rs 277 crore for the quarter-ended September, as against Rs 244 crore.

TTK Prestige dropped 8.7% after the company a net profit of Rs 35.6 crore for quarter-ended September, compared to Rs 38.60 crore. It saw net sales of Rs 883 crore for the three-month period, compared to Rs 746 crore YoY.

Hero MotoCorp gained 1.7%. Hero MotoCorp reported a 3.6% increase in sales at 663,153 units in October.

Strides Shasun Ltd soared 7.2%. The company said it and Mylan agreed to settle regulatory and general claims on the Agila transaction. After payment to Mylan, Strides to receive approximately $30 million from regulatory escrow.

TVS Motor Company slipped 2%. The company posted 12% increase in total sales at 308,690 units in October. The Chennai-based company sold 274,622 units in the same month last year.

IL&FS Engineering tanked 6.3% after the company reported a net loss of Rs 81 crore for the quarter ended September 30, 2016 as against a net loss of Rs 82 crore in the same quarter a year ago.

European shares were trading flat ahead of Bank of England’s latest rate decision and fresh corporate earnings. The FTSE 100 was trading down. DAX and the CAC 40 were trading flat around 0.4% each.

The rupee was trading flat at 66.70 per US dollar.

Out of 1,412 stocks traded on the NSE, 1,015 declined and 354 advanced today.

Top 5 Nifty Gainers: ITC Ltd. (4.18%), Hind. Unilever (2.05%), NTPC (0.95%), ONGC  (0.86%) and Infosys Ltd. (0.82%).

Top 5 Nifty Losers: Sun Pharma (-4.46%), Dr. Reddys Lab (-4.39%), Lupin Ltd. (-3.91%), Maruti Suzuki (-1.70%) and Bharti Airtel (-1.28%)

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Stock market in India ended with sharp cuts on Wednesday tracking a weak trend in global markets ahead of the upcoming US presidential elections and caution on a possible rate-hike in the ongoing FOMC meet. However, the benchmarks fell sharply at the fag end of the day as selling pressure accentuated. The decline was led by oil & gas, pharma, energy, realty, banking, capital goods, auto and industrial stocks. Even the midcap and smallcap stocks were not spared.

Nifty closed with a loss of 108 points at 8,518, while BSE Sensex ended with a loss of 349 points at 27,572.

On the global front, Asian shares closed in red. The Nikkei 225 Average ended 1.8% lower. Hong Kong’s Hang Seng and China’s Shanghai Composite closed 1% lower.

TajGVK Hotels & Resorts rallied 5.8% to Rs 128. The company reported net profit of Rs 3.4 crore for the quarter ended September 30. EBITDA increased by 39.5% yoy to Rs 15.7 crore while EBITDA margins increased by 526 bps yoy to 23.9% driven by operational efficiencies.

Zensar Technologies soared 12.6% after its U.K. unit bought London-based Foolproof along with its two wholly owned subsidiaries and one wholly owned subsidiary in Singapore.

Mahindra & Mahindra Ltd climbed 3.5% on the BSE after the automaker’s sales grew 1% which included a 28% jump in exports for the month of October.

Bajaj Auto closed marginally lower after the company said that its domestic motorcycle sales rose 5% in the month of October 2016, at 212,997 units as against 202,042 units in the same month of last year.

MIC Electronics tumbled 10.5% to Rs 16.70 on BSE after consolidated net profit declined 71.6% to Rs 2 crore on 2% rise in net sales to Rs 54 crore in Q2 September 2016 over Q2 September 2015.

Escorts slipped 1.8% on BSE after the company reported strong tractor sales in October 2016 over October 2015. Domestic tractor sales rose 52% to 8,859 units in October 2016 over October 2015. Export rose 270% to 111 units in October 2016 over October 2015.

Dabur India advanced 1.5% after the company announced plans to acquire the personal care business of CTL group in South Africa, as per media reports.The acquisition will mark Dabur’s entry into the South African personal care market, the company said in a statement.

MOIL rallied 4.7% to Rs 381. The company has increased prices of various grades of manganese ore for the October-December quarter effective from November 1, 2016. The prices have been increased by 30% on the existing prices of all Ferro Grades of ore, while prices have been increased by 25% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices.

Maithan Alloys tanked 13%. The company informed BSE that due to adverse market conditions, the production at the Kalyaneshwari Plant has been cut by 15 per cent with effect from October 31, 2016. Between July and October 2016, the cost of imported manganese ore, which accounts for the major cost of production has increased by 200%, imported coke by 80%, whereas the sales price of silico manganese, the finished product, has increased only by 30%.

The rupee was trading down six paise at 66.76 per US dollar.

Out of 1,477 stocks traded on the NSE, 1,212 declined and 238 advanced today.

Top 5 Nifty Gainers: Hero Motocorp (1.77%), BHEL (1.57%), L&T (1.29%), ITC Ltd. (0.86%) and Tata Steel (0.76%).

Top 5 Nifty Losers: ONGC (-2.47%), Asian Paints (-1.00%), NTPC (-0.83%), Sun Pharma (-0.76%) and Adani Ports & Sez (-0.67%)

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