Market slides on negative global cues

Key benchmark indices were trading lower in early trade as weak global cues spoiled sentiment. At 9:18 IST, the barometer index, the S&P BSE Sensex, was down 155.86 points or 0.63% at 24,503.37. The Nifty 50 index was down 48.35 points or 0.65% at 7,436.95.

The market breadth indicating the overall health of the market was negative. On BSE, 627 shares fell and 331 shares rose. A total of 34 shares were unchanged. The BSE Mid-Cap index was currently down 0.47%. The BSE Small-Cap index was currently down 0.53%. The decline in both these indices was lower than the Sensex's decline in percentage terms.

In overseas markets, nervous Asian investors resumed selling today, 9 March 2016, as the optimism that had fuelled this month's rally was shattered as ongoing weakness in China reawoke fears about the global economy. US stocks snap five-day winning streak to close lower yesterday, 8 March 2016, as supply woes weighed on oil prices and worries about a prolonged slowdown in China resurfaced.

Auto stocks edged lower. Tata Motors (down 1.94%), Escorts (down 0.88%), Ashok Leyland (down 0.87%), TVS Motor Company (down 0.87%), Hero MotoCorp (down 0.46%), Eicher Motors (down 0.32%) and Mahindra & Mahindra (down 0.15%), edged lower. Bajaj Auto was up 0.20%.

Maruti Suzuki India (MSIL) was up 0.19% at Rs 3,468. The company after market hours yesterday, 8 March 2016, announced that it has launched its first compact urban sport utility vehicle (SUV), Vitara Brezza, at a striking price point. Bookings for the Vitara Brezza also opened yesterday, 8 March 2016 at the company's 1,799 strong dealer network across the country, MSIL said. With Vitara Brezza, MSIL is now present across all critical segments of the passenger vehicle market, the company said in a statement. The introductory price for the base variant of Vitara Brezza is Rs 6.99 lakh ex-showroom Delhi and Rs 7.35 lakh ex-showroom Mumbai.

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