Trading for the week started on a subdued note as key benchmark indices settled with modest losses as weakness in global stocks dampened sentiment. The barometer index, the S&P BSE Sensex lost 295.81 points or 0.93% to settle at 31,626.63. The Nifty 50 index fell 91.80 points or 0.92% to settle at 9,872.60. Indices dropped for the fifth straight session. Bank stocks declined. Realty stocks dropped for the fourth straight day.

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 later languished in the red till afternoon trade. Stocks once again came under selling pressure and hit fresh intraday low in mid-afternoon trade. Indices trimmed losses in late trade.

The Sensex lost 295.81 points or 0.93% to settle at 31,626.63, its lowest closing level since 29 August 2017. The index slumped 447.88 points or 1.4% at the day's low of 31,474.56. The index gained 94.08 points or 0.29% at the day's high of 32,016.52.

The Nifty fell 91.80 points or 0.92% to settle at 9,872.60, its lowest closing level since 29 August 2017. The index fell 148.35 points or 1.48% at the day's low of 9,816.05. The index declined 3.90 points or 0.03% at the day's high of 9,960.50.

The S&P BSE Mid-Cap index fell 1.14%. The S&P BSE Small-Cap index lost 2.02%. 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 three losers for every gainer on the BSE. 1,961 shares fell and 594 shares rose. A total of 177 shares were unchanged.

The total turnover on BSE amounted to Rs 4687.71 crore, higher than turnover of Rs 3927.86 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Healthcare index (down 1.75%), the BSE Telecom index (down 1.15%), the BSE Auto index (down 1.04%), the BSE Capital Goods index (down 1.58%), the BSE Metal index (down 1.23%) and the BSE Realty index (down 3.46%) underperformed the Sensex. The BSE IT index (down 0.56%), the BSE Bankex index (down 0.78%) and the BSE Power index (down 0.46%) outperformed the Sensex.

Bank stocks declined. Among public sector banks, Indian Bank (down 2.86%), IDBI Bank (down 1.57%), State Bank of India (down 1.24%) and Punjab National Bank (down 0.07%) edged lower. Andhra Bank (up 2.44%) and Bank of Baroda (up 0.42%) edged higher.

Among private sector banks, Kotak Mahindra Bank (down 2.24%), HDFC Bank (down 1.4%), Axis Bank (down 0.74%), IndusInd Bank (down 0.56%) and Yes Bank (down 0.33%) declined. ICICI Bank (up 0.87%) edged higher.

Realty stocks declined for the fourth straight day. Sobha (down 0.17%), Indiabulls Real Estate (down 8.44%), Unitech (down 4.14%), DLF (down 3.78%), Godrej Properties (down 1.11%), HDIL (down 4.53%) and D B Realty (down 2.62%) edged lower.

Maruti Suzuki India declined 1.51% at Rs 7,952.80. The company said that urban premium S-Cross from Maruti Suzuki, is all set to arrive in a brand new avatar this festive season. The all-new S-Cross will further strengthen Maruti Suzuki's position in the premium segment. The company today opened bookings for the all-new S-Cross at its network of NEXA showrooms across India. The announcement was made during market hours today, 25 September 2017.

Lupin dropped 2.2% at Rs 991.30. 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.

Novartis India slumped 6.73% at Rs 636.65. The company said that its board approved a proposal to buyback upto 34.50 lakh equity shares of Rs 5 each, representing 12.26% of the total paid-up equity capital, from the existing equity shareholders of the company on the record date. The company will buyback shares at Rs 670 per equity share, aggregating to Rs 231.15 crore. The board noted the intention of the promoter of the company to participate in the proposed buyback. The announcement was made during trading hours today, 25 September 2017.

Hindalco Industries lost 0.93% at Rs 229.15. Non convertible debentures (NCDs) of the company have been upgraded one notch recently both by Crisil (from AA- to AA with stable outlook) and by CARE (from AA to AA+ with stable outlook). The announcement was made during market hours today, 25 September 2017.

Shares of Capacite Infraprojects settled at Rs 342.40 on BSE, a premium of 36.96% over the initial public offer price of Rs 250. Capacite Infraprojects priced the IPO at the top end of the Rs 245 to Rs 250 per share price band. The IPO opened on 13 September 2017 and closed on 15 September 2017. It received bids for 209.17 crore shares. The IPO was subscribed 183.03 times. Capacite Infraprojects is a construction company focused on residential, commercial and Institutional buildings.

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, 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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