Sensex, Nifty hit fresh intraday low

Key benchmark indices extended losses and hit fresh intraday low in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 227.04 points or 0.62% at 36,315.23. The Nifty 50 index was down 73.40 points or 0.66% at 10,980.40.

The market breadth, indicating the overall health of the market, was weak. On BSE, 720 shares rose and 1761 shares fell. A total of 161 shares were unchanged.

Among secondary barometers, the BSE Mid-Cap index was down 1.81%. The BSE Small-Cap index was down 1.61%. Both these indices underperformed the Sensex.

Most auto stocks declined. Tata Motors (down 2.91%), Maruti Suzuki India (down 2.56%), Escorts (down 1.83%), Mahindra & Mahindra (down 1.82%), Eicher Motors (down 1.57%), Hero MotoCorp (down 0.27%) and TVS Motor Company (down 0.15%), edged lower. Ashok Leyland (up 0.12%) and Bajaj Auto (up 0.34%), edged higher.

Most power generation stocks declined. JSW Energy (down 0.08%), Tata Power (down 0.78%), Torrent Power (down 1.83%), NHPC (down 2.14%), CESC (down 2.59%), GMR Infrastructure (down 2.59%), Reliance Power (down 2.75%) and Reliance Infrastructure (down 3.49%), edged lower. NTPC (up 1.13%), Adani Power (up 0.77%) and Jaiprakash Power Ventures (up 0.41%), edged higher.

State-run Coal India was up 1.52%. State-run Power Grid Corporation of India was up 0.52%.

Overseas, European stocks declined while Asian shares ended on a mixed note as investors monitored political news going on around the world.

Tensions between the US and major economies continue to be in focus for global investors. In the latest surrounding the trade war with China, President Donald Trump reportedly accused China of intending to interfere with the upcoming U.S. congressional elections this November. He stated that the Asian nation did not want the Republican Party to perform well, due to his recent war-of-words with China on trade. Trump however did not provide any evidence towards this allegation; and this claim prompted an immediate rejection from Beijing, who said that they did not intrude on any country's domestic matters, media reports suggested.

US stocks surrendered earlier gains to close lower on 26 September 2018 after the US Federal Reserve raised interest rates by 25 basis points, as widely anticipated, and indicated its intent to tighten once more in December.

Monetary-policy makers unanimously voted to hike the benchmark interest rate by a quarter-point to a range of 2% to 2.25% and predicted another hike by December and three more in 2019. The Fed also dropped the phrase that its policy remains "accommodative."

US Federal Reserve Chairman Jerome Powell told the media that the US Fed did not see inflation surprising to the upside. Powell also discussed the issue of trade tariffs and the ongoing trade war between the US and China, saying the Fed had heard a "rising chorus of concerns from businesses all over the country."

Powered by Capital Market - Live News