Market extends slide

Fresh selling in index pivotals dragged the key indices to intraday low in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 284.04 points or 0.73% at 38,578.19. The Nifty 50 index was down 101.80 points or 0.87% at 11,564.15. Telecom stocks fell.

Domestic stocks nudged higher in early trade on positive Asian stocks. A divergent trend was witnessed in morning trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with tiny losses. Key indices dipped in negative zone in mid-morning trade. Stocks hovered in negative zone in early afternoon trade.

The S&P BSE Mid-Cap index was off 0.89%. The S&P BSE Small-Cap index was off 0.54%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1004 shares rose and 1496 shares fell. A total of 157 shares were unchanged.

Vedanta (down 2.79%), Yes Bank (down 2.36%), Bajaj Finance (down 2.21%), Reliance Industries (down 2.2%), State Bank of India (down 1.7%) were the major Sensex losers.

ONGC (up 1.25%), Mahindra & Mahindra (up 0.74%) and Infosys (up 0.56%) were the major Sensex gainers.

Telecom stocks fell. Bharti Airtel (down 0.88%), MTNL (down 1.08%), Tata Teleservices (Maharashtra) (down 1.62%) and Reliance Communications (down 4.89%) fell . Vodafone Idea (up 5.52%) rose.

Shares of Bharti Infratel fell 0.96%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Tata Motors fell 2.14%. Tata Motors during market hours today, 8 April 2019 said that Jaguar Land Rover total retail sales were 76,895 vehicles in March 2019, down 8.2% compared to sales in March 2018.

Meanwhile, Prime Minister Narendra Modi and Bharatiya Janata Party (BJP) president on Monday unveiled the party's manifesto, described as Sankalp Patra, for the upcoming Lok Sabha elections.

The BJP said that it will provide short term new agriculture loans up to Rs 1 lakh at a 0% interest rate for 1-5 years on the condition of prompt repayment of the principal amount. The BJP said that India is no longer helpless against terror. Any destructive ideology that destroys the atmosphere of peace and unity is and will be given a being reply.

The 2019 Indian general election is scheduled to be held in seven phases from 11 April to 19 May 2019 to constitute the 17th Lok Sabha. The counting of votes will be conducted on 23 May, and on the same day the results will be declared.

Overseas, European shares edged lower while Asian shares are trading on a mixed note on Monday, as investors prepare for US earnings season.

On the Brexit front, U.K. Prime Minister Theresa May is still searching for a new plan to secure a delay to Brexit from EU leaders at a summit on Wednesday. U.K. lawmakers have so far failed to approve a withdrawal agreement, with the world's fifth-largest economy set to leave the bloc on April 12.

U.S. stocks closed higher Friday, as investors cheered a solid jobs report and upbeat comments on prospects for a U.S.-China trade deal. Chinese President Xi Jinping reportedly said in a letter to US President Donald Trump that substantial progress had been made in U.S.-China talks over the past months and called for negotiations to be wrapped up as soon as possible.

March jobs report showed that the U.S. economy added 196,000 new jobs. The Labor Department's official measure of unemployment held steady at 3.8%. Wage growth remained modest, with average hourly earnings rising 4 cents to $27.70, a year-over-year increase of 3.2%, down from 3.4% in February.

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