Weak market breadth

Key equity benchmarks extended losses and hit fresh intraday low in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex plunged 474.34 points or 1.21% at 38,622.80. The Nifty 50 index tumbled 138.20 points or 1.19% at 11,450.

The S&P BSE Mid-Cap index was down 1.86%. The S&P BSE Small-Cap index fell 1.23%.

The market breadth was weak. On the BSE, shares 765 rose and 1,472 shares fell. A total of 125 shares were unchanged.

PowerGrid Corporation of India (up 5.54%), NTPC (up 2.43%), IOCL (up 2.13%), HCL Technologies (up 0.88%) and BPCL (up 0.85%) advanced.

Tata Motors (down 6.84%), Mahindra & Mahindra (down 4.90%), Eicher Motors (down 4.04%), HDFC (down 3.69%) and Hindalco (down 3.34%) declined.

JSW Steel declined 1.09% at Rs 230.85. The steel major said that the finance committee of the board of directors of the company has approved the issuance of fixed rate senior unsecured notes aggregating to $400 million and has approved the pricing, tenure and other terms of the notes. The proceeds of the notes will be used by the company for capital expenditure or any other purpose. The announcement was made after market hours yesterday, 24 September 2019.

State Bank of India lost 5.90%. A foreign brokerage firm downgraded the stock to 'Equal-weight' from 'Overweight' and maintained its price target at Rs 330.

Car major, Maruti Suzuki India tanked 4.17% to Rs 6,717.65. The automobile giant cut prices on select model by Rs 5,000. The models include: Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel, Ignis, Dzire Diesel, Tour S Diesel, Vitara Brezza and S-Cross. The price cut will be effective from 25 September 2019 across the country. The company further stated that the price cut around the festive season will help boost customer sentiment and revive the market to create demand.

Zee Entertainment Enterprises slipped 0.97% after media reports claimed that IDBI Trusteeship Services invoked pledge of 1 crore shares, or 1.04% stake from 19 September 2019 to 24 September 2019. IDBI Trusteeship Services acted as a debenture trustee for NCDs issued by Pan India Utilities Distribution, Pan India Network Infravest, Konti Infrapower & Multiventures and Edinson Infrapower & Multiventures.

TCS was up by 2.19%. The company announced that QNB Group, a financial institution in the Middle East and Africa, has selected the 'TCS BaNCS' Global Securities Platform (GSP) to support the digital transformation of its capital markets operations.

Overseas, shares in Europe and Asia slipped as traders monitored U.S. political developments. Market focus was largely attuned to news of a bid from Democrats in the U.S. House of Representatives to impeach President Donald Trump.

Back in Europe, Brexit uncertainty continues to spook markets. The U.K. Supreme Court has declared the suspension of the British parliament as unlawful, ahead of Brexit, which is stated to take place on 31 October 2019. The British Court has announced British PM Boris Johnson's decision to prologue parliament as illegal.

US stocks fell in volatile trade on Tuesday, as a push for the impeachment of US President Donald Trump gained momentum among Democrats in the US Congress.

Meanwhile, US President Donald Trump said on Tuesday he expected to have a trade deal of some kind between the United States and India soon.

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