Key benchmark indices extended early losses and hit fresh intraday low in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was down 229.13 points or 0.60% at 38,160.69. The Nifty 50 index was down 82.45 points or 0.71% at 11,506.65. Negative cues from the global market put pressure on domestic stocks.
Indices extended losses in morning trade after opening lower. The Sensex fell 35.30 points, or 0.09% at the day's high of 38,354.52 at the onset of trading session. The index fell 291.13 points, or 0.76% at the day's low of 38,098.69 in morning trade. The Nifty fell 16.10 points, or 0.14% at the day's high of 11,573 at the onset of trading session. The index fell 92.75 points, or 0.80% at the day's low of 11,496.35 in morning trade.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 982 shares rose and 1030 shares fell. A total of 104 shares were unchanged.
In the global commodities markets, Brent for November 2018 settlement was up 42 cents at $77.25 a barrel. The contract had risen 33 cents, or 0.43% to settle at $76.83 a barrel during the previous trading session.
Overseas, most Asian shares were trading lower on Monday, as trade tensions between the US and China remain in focus. China's trade surplus with the United States widened to a record in August even as the country's export growth slowed slightly. Trade surplus hit $31.05 billion in August, up from $28.09 billion in July, customs data showed on Saturday, surpassing the previous record set in June. Over the first eight months of the year, China's surplus with its largest export market has risen nearly 15%, adding to tensions in the trade relationship between the world's two largest economies. China's annual export growth in August moderated slightly to 9.8%, the data showed, the weakest rate since March but only slightly below recent trends.
US stocks closed lower Friday after US President Donald Trump threatened tariffs on a further $267 billion worth of Chinese imports, on top of earlier promises to levy duties on $200 billion worth of Chinese goods. While the US tariffs on $200 billion Chinese goods have not been implemented, Trump said they could "take place very soon, depending on what happens with them."
US jobs report that showed that 201,000 jobs were added in the month of August. The unemployment rate held steady at 3.9% and wage growth showed signs of accelerating.
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