Market tumbles on weak global cues

Key benchmark indices were trading with steep losses in early trade due to weak global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 397.54 points or 1.14% at 34,382.04. The Nifty 50 index was down 112.95 points or 1.08% at 10,340.10.

Among secondary barometers,the BSE Mid-Cap index was down 0.40%. The BSE Small-Cap index was down 0.81%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 333 shares rose and 752 shares fell. A total of 51 shares were unchanged.

Overseas, stocks in Asia fell on Friday after China's GDP growth for the third quarter of 2018 came in below expectations. Issues ranging from trade worries, Italy's 2019 budget and higher US interest rates also worried investors.

China's economic growth slowed to the weakest pace since the first quarter of 2009 as the country's trade war with the US puts pressure on growth, according to official data released on Friday. The world's second-largest economy said its economy grew 6.5% year-over-year in the third quarter of 2018. On a quarter-on-quarter basis, China's economy grew 1.6%, according to the National Bureau of Statistics.

US stocks closed sharply lower Thursday, dogged by worries about global growth and as investors continued to weigh minutes of the Federal Reserve's September meeting, which were viewed as hawkish.

The minutes of the Fed's September meeting, released on Wednesday, indicated that policy makers are prepared to forge ahead with increases and will likely hike rates again as early as December, as expected.

On the data front, first-time jobless claims fell by 5,000 from a week ago, as the Labor Department reported just 210,000 Americans applying for initial jobless benefits in the week ending 13 October 2018, close to 49-year lows.

The Philadelphia Fed manufacturing index came in slightly below last month's reading, with a print of 22.2 in October, compared with 22.9 in September. The Conference Board said its leading economic indicators rose 0.5% in September.

Back home, Reliance Industries was down 4.73% The company's consolidated net profit rose 17.93% to Rs 9549 crore on 54.11% rise in total income to Rs 144574 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Wednesday, 17 October 2018.

State Bank of India was down 0.13% The bank said that the meeting of the board of directors of the bank is scheduled on 22 October 2018, inter alia, to consider and approve to pass enabling resolution for raising of equity capital from the market by way of FPO/ QlP/ preferential allotment/ rights issue/ any other mode or a combination of these. The announcement was made after market hours on Wednesday, 17 October 2018.

ACC was down 5.51% The company reported 15.21% rise in consolidated net profit to Rs 209.14 crore on 10.34% rise in total income to Rs 3468.37 crore in Q3 September 2018 over Q3 September 2017. The result was announced after market hours on Wednesday, 17 October 2018.

Havells India was up 1.22% The company's net profit rose 4.44% to Rs 178.62 crore on 23.21% rise in total income to Rs 2225.31 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Wednesday, 17 October 2018.

Cadila Healthcare was up 0.45%. Zydus Cadila received the tentative approval from the USFDA to market Colchicine Tablets USP (US RLD Colcyrs), 0.6 mg. It will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad. This medication is used to prevent or treat attacks of gout (also called gouty arthritis). This medication is also used to prevent attacks of pain in the abdomen, chest or joints caused by a genetic autoinflammatory disease (called as familial Mediterranean fever).

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