Indian share markets nosedived and registered sharp losses in today's volatile session.

Benchmark indices exhibited a high amount of volatility for the second day in a row on the back of unabated selling pressure in select index heavyweight stocks.

Sensex tumbled to a low of 59,089 and has now shed 5% (2,938 points) from its recent peak of 62,245.

Meanwhile, the Nifty logged its second straight weekly loss, declining 3.8% (677 points) in the last two weeks.

At the closing bell, the BSE Sensex stood lower by 678 points (down 1.1%).

Meanwhile, the NSE Nifty closed lower by 186 points (down 1%).

UltraTech Cement and UPL were among the top gainers today.

Tech Mahindra and NTPC, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,751, down by 106 points, at the time of writing.

Broader markets outperformed the benchmark indices today.

The BSE MidCap index ended up by 0.2%, while the BSE SmallCap index ended down by 0.4%.

Sectoral indices ended on a mixed note with stocks in the energy sector, IT sector, and banking sector witnessing most of the selling pressure.

Realty and auto stocks, on the other hand, witnessed buying interest.

Shares of Canara Bank and Minda Corporation hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended down by 0.7%, while the Shanghai Composite ended up by 0.8%. The Nikkei ended up by 0.3% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 46 points.

In news from the pharma sector, Dr Reddy's Lab was among the top buzzing stocks today.

Pharma major Dr Reddy's Lab reported a consolidated net profit of Rs 9.9 bn for the September quarter, up 30% from Rs 7.6 bn in the same quarter of last year.

Revenue from operations during the quarter were higher by 18% at Rs 57.6 bn compared to Rs 49 bn in the year-ago period.

The Hyderabad-based firm's earnings before interest, tax, depreciation and amortization (EBITDA) came in at Rs 15.6 bn during the reporting period.

The company's co-chairman and MD, G V Prasad said,

• I am pleased with the improvement in the financial performance across our businesses. While we continue to strengthen our core businesses of generics and AP ls, we are also making investments in our long-term growth drivers and deeper innovation capabilities.
  
  Our focus remains on meeting unmet patient needs around the world in keeping with our purpose.

The global generic business clocked a year-on-year (YoY) growth of 19% and sequential quarter growth of 15%, driven by the Covid portfolio, new product launches, and base business volume traction across key markets. However, this was offset partly by price erosion in some of the products.

Revenues from the India business stood at Rs 11.4 bn, up 25%, driven by an increase in sales volumes of their existing products.

Dr Reddy's said it continues to play its role in the fight against Covid-19 by acting proactively to bring multiple preventive and curative treatment options, including a vaccine.

Dr Reddy's Lab share price ended the day up by 1% on the BSE.

Here's interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Moving on to news from the travel support services sector...

Railways Withdraws Decision on IRCTC's Revenue from Convenience Fee

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) sharply came off its day's low today and were down 5% on the BSE.

After asking IRCTC to share half of its revenue from convenience fees with the Ministry of Railways, the government has taken a U-turn on its decision.

Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey today said that the ministry has decided to withdraw its decision to take 50% of the ticket booking platform's revenue from the convenience fee.

Mr. Pandey further added,

• I think in that context, railways have reviewed that decision and withdrawn it. I believe that since the decision was out, and obviously the railways have looked at it also as our advice and of course, we also attended advice to relook at it. There will be official communication from railways on this development soon.

The stock had crashed over 25% earlier today after the company said that it will share half of the revenues earned from convenience fees with the government.

IRCTC charges a convenience fee for online bookings, which is one of the key revenue streams for the company. It fetched around Rs 6.2 bn in the financial year 2020.

IRCTC's share price ended the day down by 8% on the BSE.

To know more, check out IRCTC's 2020-21 annual report analysis.