Key benchmarks were trading near day's low in afternoon trade. At 13:22 IST, the barometer index, the S&P BSE Sensex, was down 198.68 points or 0.58% at 33,935.70. The Nifty 50 index was down 76.85 points or 0.75% at 10,168.40. Weak global stocks dampened sentiment on the domestic bourses.
The Sensex was currently trading below the psychological 34,000 level after gyrating above and below that level in intraday trade. Trading for the day began on a weak note as the key benchmark indices edged lower in early trade on negative Asian stocks. The Sensex dropped below the psychological 34,000 level in opening trade. Domestic bourses cut losses in morning trade, with the Sensex regaining the psychological 34,000 level. Key indices extended losses in mid-morning trade.
The S&P BSE Mid-Cap index was down 1.34%. The S&P BSE Small-Cap index was down 1.26%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 723 shares rose and 1668 shares fell. A total of 130 shares were unchanged.
Wipro (down 4.1%), Sun Pharmaceutical Industries (down 3.47%), ONGC (down 2.24%), Infosys (down 1.96%), Mahindra & Mahindra (down 1.91%) and Maruti Suzuki India (down 1.51%), were the major Sensex losers.
HDFC (up 2.54%), Tata Motors (up 1.35%), Coal India (up 0.98%), IndusInd Bank (up 0.91%) and Vedanta (up 0.45%), were the major Sensex gainers.
Adani Ports & Special Economic Zone rose 0.43% ahead of its September quarterly result today, 23 October 2018.
Asian Paints lost 5.70%. On a consolidated basis, Asian Paints' net profit fell 14.77% to Rs 506 crore on 8.76% increase in net sales to Rs 4639.05 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 22 October 2018.
K.B.S. Anand, managing director & CEO, Asian Paints said that the decorative business segment in India registered a low double digit volume growth. Raw material prices continued to move up further which led the company to take a price increase from October 2018. The automotive coatings JV (PPG-AP), witnessed good growth in the general industrial business segment, while the industrial coatings JV (AP-PPG) continued to witness good growth in the protective coatings - dealer segment and the powder segment.
In the International operations, business conditions continued to remain challenging with issues like forex unavailability, high inflation and difficult economic conditions impacting performance. Both the segments in the home improvement category viz. the kitchen (Sleek) and bath (ESS ESS) business, performed well in the quarter, he added.
Overseas, European and Asian stocks were trading lower Tuesday, as diplomatic tensions in Saudi Arabia, concerns over Italy's Budget and ongoing Brexit talks all depressed market sentiment.
US stocks closed mostly lower yesterday, 22 October 2018, with the S&P 500 dropping for a fourth day in a row, as investors braced for a deluge of earnings against the backdrop of higher interest rates and concerns about global growth.
Risks still abound across global markets, from the continuing US-China trade showdown to Italian budget fears and President Donald Trump's unpredictable actions ahead of American midterm elections.
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