Market tumbles to intraday low

A sudden sell-off in index pivotals dragged the key benchmark indices to fresh intraday low in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 355.75 points or 1% at 35,118.76. The Nifty 50 index was down 84.30 points or 0.79% at 10,571.90. Subdued Asian indices weighed adversely on the domestic bourses.

Stocks began trading on a negative note on subdued Asian indices.

The S&P BSE Mid-Cap index was off 0.15%. The S&P BSE Small-Cap index was off 0.52%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 807 shares rose and 1125 shares fell. A total of 96 shares were unchanged.

Overseas, Asian stocks fell after another tumble on Wall Street, where concerns have spread to the corporate-bond market. US stocks closed sharply lower Tuesday, extending a pre-Thanksgiving rout that has been fueled mostly by a selling in shares of technology and internet-related companies. US financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.

On the US data front, housing starts came in at a 1.228 million seasonally adjusted annual rate in October, while permits came in at a 1.263 million rate. Year-over-year, growth in housing starts has steadily slowed in 2018.

Back home, Infosys (down 4.07%), TCS (down 3.34%), Reliance Industries (down 2.59%), Power Grid Corporation of India (down 1.65%) and Tata Steel (down 1.54%) edged lower from the Sensex pack.

Yes Bank (up 2.99%), Asian Paints (up 1.36%) and ONGC (up 1.21%) edged higher from the Sensex pack.

Minda Corporation surged 7.87% after the company said it has entered into definitive agreements with its joint venture partner, Furukawa Group of Japan, for change in equity structure of Minda Furukawa Electric ("JVCO"). As per the proposed realignment, the equity stake of joint-venture partner in the JVCO will change from 49% to 75% and stake of Minda Corporation will change from existing 51% to 25%. The change in equity structure will be through a mix of sale of shares of JVCO by Minda Corporation and additional equity infusion into JVCO by Furukawa Group of Japan. The joint venture between Minda Corporation and Furukawa Group, Japan shall continue, with Minda Corporation continuing to hold a significant 25% equity stake. The announcement was made after market hours yesterday, 20 November 2018.

Suzlon Energy rose 1.1% after the company said it has completed sale of Amun (Amun Solarfarms) and Avighna (Avighna Solarfarms) to Canadian Solar and accordingly Amun and Avighna have ceased to be the subsidiaries of the company. The announcement was made after market hours yesterday, 20 November 2018.

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