Market off day's low

Key equity indices continued their recovery in afternoon trade after a steep intrday slide. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 160.17 points or 0.45% at 35,309.98. The Nifty 50 index was down 43.25 points or 0.41% at 10,620.25. The undertone of the market was still weak amid negative cues from other Asian shares.

Indices opened lower and extended losses in morning trade. Indices trimmed losses in early afternoon trade.

Among secondary barometers, the BSE Mid-Cap index was down 0.63%. The BSE Small-Cap index was down 0.71%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 703 shares rose and 1584 shares fell. A total of 133 shares were unchanged.

Yes Bank (down 2.8%), IndusInd Bank (down 2.22%), TCS (down 2.07%), Sun Pharmaceutical Industries (down 2%) and SBI (down 1.54%) edged lower from the Sensex pack.

ONGC (up 0.78%), L&T (up 0.68%), Asian Paints (up 0.46%), Bharti Airtel (up 0.36%) and Axis Bank (up 0.36%) edged higher from the Sensex pack.

Maruti Suzuki India fell 0.09%. With customer safety as its top priority, Maruti Suzuki India today announced to proactively and voluntarily undertake a recall campaign for certain Super Carry vehicles. The company will inspect a possible defect in fuel filter of 5900 Super Carry vehicles manufactured between 26 April 2018 and 1 August 2018. The announcement was made during trading hours today, 26 December 2018.

This also include vehicles in which fuel filter has been replaced in field during this period. Starting 26 December 2018 owners of the suspected vehicles will be contacted by Maruti Suzuki dealers for inspection and replacement of the faulty part free of cost. Recall campaigns are undertaken globally to rectify faults that may be potential safety defects.

Overseas, Asian shares declined. Japanese stocks were trading with small gains, following a Christmas Day plunge of both the Nikkei 225 and Topix. US stock indices booked their worst trading session on the eve of Christmas in history in a holiday-shortened session, putting the S&P 500 on the brink of the 20% decline from a recent peak that is commonly considered a bear market.

A fresh source of anxiety was a tweet from Treasury Secretary Steven Mnuchin that he had spoken with the CEOs of the country's six biggest banks to assess the health of the banking system. That raised some questions about liquidity among those institutions, a concern that previously had not existed. Treasury officials reportedly insist that the calls to bank executives was just a routine checkup.

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