Stocks cut losses in mid-morning trade after an intrday slide. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 280.05 points or 0.77% at 35,933.33. The Nifty 50 index was down 73.40 points or 0.67% at 10,806.70. Realty stocks declined.
Domestic stocks dropped in early trade weighed by reports that Indian Air Force has struck and destroyed a major terrorist camp across the Line of Control early on Tuesday. The Mirage 2000 fighters used 1,000 kg bombs against the target and as many as 12 Mirage 2000 fighters were used, reports indicated. Negative Asian stocks also weighed on the sentiment. Key indices extended slide and hit intraday low in morning trade.
The S&P BSE Mid-Cap index was down 0.72%. The S&P BSE Small-Cap index was down 1.06%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 508 shares rose and 1572 shares fell. A total of 105 shares were unchanged.
Realty stocks declined. DLF (down 1.43%), Indiabulls Real Estate (down 3.02%), Housing Development and Infrastructure (down 4.15%), D B Realty (down 4.78%), Sobha (down 2.1%), Godrej Properties (down 0.97%), Prestige Estates Projects (down 2.66%) and Oberoi Realty (down 1.33%) fell.
Dewan Housing Finance Corporation fell 5.05%. ICRA has revised the short-term rating outstanding for the Rs 8000-crore commercial paper (CP) programme of Dewan Housing Finance Corporation (DHFL) to [ICRA]A2+ (pronounced ICRA A two plus) from [ICRA]A1+ (pronounced ICRA A one plus). As on date, DHFL has CP outstanding of Rs 1,525 crore. The company has indicated to ICRA that it shall buyback substantial portion of this amount over the next one month.
In its response, DHFL informed that the rating was for outstanding commercial papers of only Rs 1525 crore out of a rated amount of Rs 8000 crore, which forms less than 2% of the company's outstanding borrowings. DHFL also indicated its intent to the rating agency to extinguish the commercial paper outstanding by the end of March.
Overseas, Asian stocks are trading lower Tuesday as investors awaited more details on the outcome of U.S.- China trade talks. U.S. stocks came off earlier highs but still closed higher Monday after President Donald Trump said that he would delay additional China tariffs, and that there had been substantial progress in trade talks over the weekend.
Trump said late Sunday that he would extend a March 1 deadline for increasing tariffs on Chinese imports. He cited substantial progress across key topics such as intellectual property, technology transfers, agriculture and currency, and said if that continues, he will meet with President Xi Jinping at Mar-a-Lago to wrap up a deal.
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