Key benchmark indices were trading near day's low in mid-morning trade. The Nifty continued to trade below 11,500 and took an immediate support at 11,460 level. At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 416.74 points or 1.07% at 38,680.40. The Nifty 50 index was down 115.45 points or 1% at 11,472.75.
The S&P BSE Mid-Cap index was down 1.23%. The S&P BSE Small-Cap index was down 0.78%.
The market breadth was tilted towards the sellers. On the BSE, 701 shares rose and 1354 shares fell. A total of 102 shares were unchanged. On Nifty50, 11 stocks advanced while 39 stocks declined.
Auto stocks declined. Ashok Leyland (down 4.19%), TVS Motors Company (down 4.14%), Tata Motors (down 3.94%), Eicher Motors (down3.16%), Mahindra and Mahindra (down 2.79%), Hero MotoCorp (down 1.66%) and Bajaj Auto (down 0.29%) tumbled.
The S&P BSE Auto declined 2.5% to 16,963.03.
Automobile major, Maruti Suzuki India was down 2.82% to Rs 6811.75. The company cut prices on select model by Rs 5000. 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.
Drug major, Lupin was down 0.66% at Rs 733.9. The company appointed Jon Stelzmiller as President of US Specialty Business.
63 Moons Technologies was locked in a lower circuit of 5% at Rs 130.75. The Supreme Court has not issued a stay in the Special Leave Petition (SLP) filed by Maharashtra Government and others, challenging the Bombay High Court order quashing attachment of assets of 63 moons technologies under the Maharashtra Protection of Investors Deposits (MPID) Act. The Supreme Court has asked to maintain status quo till the final hearing. Maharashtra Government had sought for stay on the Bombay High Court order, which the Supreme Court has refused. The next hearing in the matter is scheduled for 27 November 2019.
Overseas, most Asian stocks were trading lower on Wednesday as investors assessed the potential impact arising from increased political turmoil in US, the in world's largest economy.
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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