Benchmarks hit fresh intraday low

Key benchmarks extended losses in mid morning trade amid weakness in IT shares. The Nifty slipped below 10,950 level. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 135.38 points or 0.37% at 36,933.26. The Nifty 50 index was down 30.55 points or 0.28% at 10,917.75.

The S&P BSE Mid-Cap index was flat at 13,333.69. The S&P BSE Small-Cap index was up 0.09%.

The market breadth was positive. On the BSE, 1034 shares rose and 960 shares fell. A total of 96 shares were unchanged.

Dilip Buildcon rose 1% to Rs 368.10 after the company reported a successful completion of the EPC Ageement with the Ministry of Road Transport & Highways, New Delhi, in the state of Kamataka. The company successfully completed the construction of extra-dosed bridge across Sharavathi Backwaters between Ambargodu and Kalasavalli of NH-3698 in the state of Karnaraka. The 360 crore project was completed in 36 months.

Most IT shares declined as rupee strengthened. HCL Technologies (down 2.04%), Tech Mahindra (down 2.04%), MindTree (down 1.86%), Zensar Technologies (down 1.44%), Infosys (down 0.33%), Oracle Financial Services Software (down 0.25%), MphasiS (down 0.2%) and Hexaware Technologies (down 0.06%) declined.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.7300, compared with its close of 71.8000 during the previous trading session.

On the macro front, GDP and infrastructure output data will be closely watched. India's Q2 gross domestic product (GDP) growth data will be released after market hours today, 30 August 2019. The Indian economy advanced 5.8% year-on-year in the first quarter of 2019, slowing from a 6.6% expansion in the previous period. Infrastructure output data for July will also be unveiled after market hours today, 30 August 2019. India's infrastructure output grew 0.2% from a year earlier in June 2019.

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