Broader market tumbles

Key barometers further extended losses in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 302.04 points or 0.81% at 36,758.33. The Nifty 50 index was down 99.05 points or 0.91% at 10,819.65.

The broader market tumbled. The S&P BSE Mid-Cap index was down 1%. The S&P BSE Small-Cap index fell 1.72%.

The market breadth was weak. On the BSE, 449 shares rose and 1650 shares fell. A total of 90 shares were unchanged.

LIC Housing Finance fell 7.80% after multiple block deals were stuck in the counter today. Earlier some media reports indicated that some marque investors are likely to sell about 6.7% shares of LIC Housing Finance on Thursday. The transaction was likely in the price range of Rs 425.15 to 449.50 per share. As on 30 June 2019, Fidelity Investment Trust held 3.41% stake in LIC Housing Finance. Bank Muscat India Fund held 2.278% stake and Government Pension Fund Global held 1.831% stake in the company.

Coffee Day Enterprises hit 5% upper circuit at Rs 76.40. The company clarified with respect to an article titled 'ITC considering to pick stake in Coffee Day' that the reports is factually incorrect and the firm in unaware of the news.

Meanwhile, clarifying the same, ITC said that the company on an ongoing basis receives enquiries from market participants which are suitably evaluated. One such enquiry was also received from an intermediary on Cafe Coffee Day. However, no progress has been made on the matter. Shares of the cigarette major rose 0.54%.

Redington (India) gained 0.10%. The company informed that ICICI Prudential Life Insurance Company had reduced its stake in the company from 7.369% to 5.323%, selling 87.52 lakh shares in the open market on 20 August 2019.

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