Sensex falls over 300 pts; Sun Pharma, Dr Reddy's Labs tank

The Sensex crashed 305.84 points or 1.17 percent to 25815.56 and the Nifty tanked 110.15 points or 1.39 percent to 7805.05. About 1051 shares have advanced, 1479 shares declined, and 108 shares are unchanged on the BSE.

NCC Q2 profit jumps 149% on lower expenses, interest cost

The market sustained its southward journey for fifth consecutive session. The Sensex declined 199.85 points to 25921.55 and the Nifty fell 73.10 points to 7842.10 due to selling in oil, pharma and technology stocks. The market breadth was also weak as about 1406 shares declined against 1082 advancing shares on the Bombay Stock Exchange. Sun Pharma, Dr Reddy's Labs and ONGC plunged 4 percent each followed by Reliance Industries, BHEL and Vedanta with nearly 3 percent loss. Maruti Suzuki, Bajaj Auto, Axis Bank and Hero Motocorp bucked the trend, up 1-2.5 percent.

Except for Auto index all other sectoral indices were in the red with Oil & Gas emerging as the top loser down 2.7%.

Auto stocks have bucked the weak trend after domestic passenger car sales rose 21.80% to 1,94,158 units in October from 1,59,408 units in the same month a year ago. Maruti Suzuki was up 1.1%.

Motorcycle sales rose 5.66% to 10,65,856 units in October as against 10,08,761 units sold during the same month last year, according to the data released by the Society of Indian Automobile Manufacturers (SIAM). Bajaj Auto, Hero Motocorp are up 1.3-2% each.

Tata Motors has extended its gains from yesterday and is marginally up on the back of a new proposed cost cutting plan of JLR.

Among the index heavyweights, Reliance Industries was down 2.7% while IT major was down over 1% contributing the most to the Sensex losses.

ONGC is down nearly 4% on the back of a decline in the crude oil prices. Disappointing quarter by the company further hurt the stock.

Hindalco is down 2.5% after weak earnings from its overseas subsidiary Novelis. Further, the company is expected to announce the quarterly results today.

Dr. Reddy’s which had slumped in the previous session was further down nearly 4% on the back of the warning letter issued by the US Food and Drug Administration (USFDA).

Capital Goods stocks are trading lower ahead of the IIP numbers due on Thursday. BHEL and L&T have lost 0.6-2.4%.

FMCG majors ITC and Hindustan Unilever are trading mixed ahead of the consumer price inflation data due on Thursday.

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