Key benchmarks extended losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 388.88 points or 1.02% at 37,887.75. The Nifty 50 index was down 95.55 points or 0.83% at 11,402.35. 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 0.63%. The S&P BSE Small-Cap index was down 0.76%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 662 shares rose and 1614 shares fell. A total of 122 shares were unchanged.
Reliance Industries (down 2.57%), Tata Motors (down 2.3%), Yes Bank (down 1.64%), Sun Pharmaceutical Industries (down 1.54%), HDFC (down 1.41%), Bajaj Finance (down 1.36%) and HDFC Bank (down 1.31%), were the major Sensex losers.
Power Grid Corporation of India (up 0.44%), Coal India (up 0.44%), HCL Technologies (up 0.18%) and Infosys (up 0.02%), were the major Sensex gainers.
Vedanta fell 3.92% to Rs 157 after consolidated net profit fell 46% to Rs 2,615 crore on 15% decline in net sales to Rs 23,092 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 7 May 2019.
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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