Stock market declined further and hit fresh intraday low in trade, reflecting weakness in other Asian stocks. The BSE Sensex was down 385 points at 37,705 level and the NSE Nifty50 index was down 97 points 11,417.75 during mid-noon hours of trade. The Sensex was trading below the crucial level of 38,000 mark.
Heavy selling pressure emerged across all the sectors. Nifty Bank index is trading at 26,832.60 down 1.22 percent. Nifty Pharma index was also trading down 0.07 percent on the NSE sectorally. Shares of Piramal Enterprises, Sun Phara, Lupin, Glenmark were top index losers.
Shares of gems and jewelry companies dropped upto 2 percent intraday after government announced gold imports. According to media reports, the govt’s plan to reduce non-essential imports to contain current account deficit could lead to a 2 to 3 percent hike in import duty on gold.
Sugar stocks rose for the third consecutive day on the exchange (BSE) ahead of festive demand after the govt approved a 25 percent hike in the price of ethanol. Shares of Dhampur Sugar, Rana Sugar, Magad Sugar went up among other s upto 20 percent.