Stocks cut losses in mid-afternoon trade after an intraday slide. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 295.15 points or 0.77% at 37,981.48. The Nifty 50 index was down 84.80 points or 0.74% at 11,413.10. Pharma shares fell. Sentiment was weak amid worries of an unsuccessful US-China trade negotiation.
The Sensex was trading below the psychological 38,000 level after moving above and below that level in intraday trade. Key indices edged lower in early trade on negative Asian stocks. Indices extended fall in morning trade. Stocks gyrated in negative zone in mid-morning trade. Indices extended losses in afternoon trade.
The S&P BSE Mid-Cap index was down 0.51%. The S&P BSE Small-Cap index was down 0.78%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 681 shares rose and 1638 shares fell. A total of 142 shares were unchanged.
Vedanta (down 3.24%), Tata Motors (down 2.72%) and Reliance Industries (down 2.33%) were the key losers from the Sensex pack.
Pharma shares fell. Cadila Healthcare (down 3.02%), Cipla (down 0.21%), Dr Reddy's Laboratories (down 1.32%), Glenmark Pharmaceuticals (down 4.35%), Lupin (down 0.47%), Sun Pharmaceutical Industries (down 1.92%), GlaxoSmithKline Pharmaceuticals (down 1.05%), Aurobindo Pharma (down 0.31%) and Wockhardt (down 1.76%) declined. Alkem Laboratories (up 0.86%) rose.
Overseas, most European shares were trading higher Wednesday. Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth.
US stocks dropped sharply Tuesday, building on the previous day's decline after US officials confirmed that tariffs on imported goods from China could be raised by the end of the week.
US Trade Representative Robert Lighthizer reportedly said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday from 10% to 25%. Chinese Vice Premier Liu He will travel to Washington for a two-day meet beginning Thursday in a last ditch attempt to avoid a sharp increase in tariff on $200 billion worth of Chinese goods.
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