Benchmarks further extend losses

The Sensex and the Nifty further extended losses and hit fresh intraday low in the early afternoon trade. At 12:20 IST, the S&P BSE Sensex, was down 176.98 points or 0.47% at 37,464.27. The Nifty 50 index was down 49.35 points or 0.44% at 11,056.

The S&P BSE Mid-Cap index was down 0.36%. The S&P BSE Small-Cap index was up 0.1%. The decline in both these indices was lesser then the

The market breadth was negative. On the BSE, 938 shares rose and 1253 shares fell. A total of 121 shares were unchanged.

On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, marginally rose 0.07% at 16.0225.

The Nifty August 2019 futures were trading at 11,058., a discount of 2.4 points compared with the spot at 11,060.4. Reliance Industries (down 0.79), Infosys (up 1.76%) and HDFC (down 0.05%) were the top traded individual stock futures contracts so far in F&O segment of NSE.

On the options front, the Nifty option chain for 29 August 2019 expiry showed maximum call open interest (OI) of 47.71 lakh contracts at the 11,200 strike price. Maximum put OI of 47.95 lakh contracts was seen at 11,000 strike price. The option chain indicated that Nifty will stay between 11,000 and 11,200 till August expiry.

In the cash market, Adani group shares tumbled. Adani Enterprises (down 2.55%), Adani Transmission (down 1.98%), Adani Ports and Special Economic Zone (down 0.81%), Adani Gas (down 0.27%) and Adani Power (down 0.25%) declined.

Hindustan Unilever fell 1.85% on reports the company has cut prices across some of its product portfolios to pass on the benefit of softening input costs. "HUL does selective and judicious price changes across its portfolio in the normal course of its business. Given that the commodity prices are expected to remain benign for certain time period, we have taken price reductions in range of 4-6% in Lux and Lifebuoy portfolio while it may be higher on certain packs in order to pass on the benefits to the consumers," a company spokesperson was quoted by the media as saying on Tuesday.

Tata Motors was up 1.95% to Rs 122.65, extending yesterday's 8.87% rally triggered by China easing restrictions on car purchases to support auto sales and boost the country's consumption. Shares of Tata Motors surged 8.87% to end at Rs 120.30 yesterday, 27 August 2019.

China said it will ease restrictions on car purchases to support auto sales as part of its policy package announced Tuesday to boost the country's consumption. Regions with limits on vehicle purchases should roll out measures to relax or lift the restrictions and support the purchase of new energy vehicles, according to a guideline issued by the country's State Council. The guideline aims to tap China's consumption potential and better meet the demand of Chinese consumers, the State Council said in a statement. Revenue at luxury brand Jaguar Land Rover, which brings in most of Tata Motor's revenue, has been impacted due to a slump in China sales.

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