Key benchmark indices continued to trade with weakness in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 238.25 points or 0.81% at 29,247.20. The Nifty 50 index was down 76.95 points or 0.84% at 9,044.55. Weak global cues played the spoilsport for domestic stocks.
Earlier, the two key equity benchmarks saw a gap-down opening on negative Asian stocks. Indices extended early slide and hit fresh intraday low in morning trade.
The BSE Mid-Cap index was down 0.97%. The fall in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was down 0.54%. The fall in this index was lower than Sensex's decline in percentage terms.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,623 shares declined and 730 shares rose. A total of 162 shares were unchanged.
Overseas, Asian stocks were trading lower as investors re-evaluated their optimism around the 'Trump trade.' In Japan, exports rose at the sharpest rate in two years in February as demand from China and other parts of Asia jumped, underpinning a modest but continuing recovery in the world's third-largest economy. Merchandise exports grew 11.3% in value terms from a year earlier to 6.347 trillion yen, after increasing 1.3% in January, according to data released yesterday, 21 March 2017 by the Ministry of Finance.
US stocks sank yesterday, 21 March 2017 as the Dow and the Nasdaq logged their worst daily drops since September, while the S&P 500 also tumbled the most in a single session in five months on concerns about US president Donald Trump's ability to push through major reforms.
Shares have been broadly stronger globally since the US presidential elections, buoyed by Donald Trump's talk of reforming the tax system and investing in infrastructure. However, a series of recent roadblocks ahead of the coming vote to dismantle the Affordable Care Act is seeing the market question Trump's ability to deliver on his policy promises, and triggered a pullback.
Back home, auto stocks dropped. Tata Motors (down 1.91%), Maruti Suzuki India (down 1.27%), Mahindra & Mahindra (M&M) (down 1.56%), Eicher Motors (down 1.09%), Escorts (down 0.41%), Bajaj Auto (down 1.27%), Hero MotoCorp (down 1%), TVS Motor Company (down 1.72%) and Ashok Leyland (down 1.12%) declined.
Capital goods stocks edged lower. Bharat Heavy Electricals (Bhel) (down 2.13%), BEML (down 0.86%), Bharat Electronics (down 3.39%), ABB India (down 0.37%), Punj Lloyd (down 1.23%), L&T (down 1.02%), Siemens (down 1.23%) and Thermax (down 0.07%) declined.
Dredging Corporation of India lost 1.36% to Rs 683.80, with the stock sliding on profit booking after recent rally. Shares of Dredging Corporation of India had rallied 46.09% in the preceding six trading sessions to settle at Rs 693.20, from its close of Rs 474.50 on 10 March 2017. The rally in the stock was triggered by stake-sale buzz.
Subex jumped 6.03% after the company said its board will meet on 24 March 2017, to consider the raising of funds by way of issue of equity shares on preferential basis. The announcement was made after market hours yesterday, 21 March 2017.
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