Key indices extended losses and hit fresh intraday low in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 380.25 points or 1.11% at 33,996.74. The Nifty 50 index was down 102.60 points or 0.99% at 10,213.85. Negative global cues and a weak rupee spoiled investors' sentiment.
In the foreign exchange market, the partially convertible rupee was hovering at 74.065, compared with its close of 73.76 during the previous trading session.
The market breadth, indicating the overall health of the market, was weak. On BSE, 609 shares rose and 1976 shares fell. A total of 147 shares were unchanged.
Most auto stocks declined. Escorts (down 5.96%), Tata Motors (down 2.91%), Ashok Leyland (down 1.94%), Maruti Suzuki India (down 1.2%), TVS Motor Company (down 1.01%) and Mahindra & Mahindra (down 0.86%), edged lower. Bajaj Auto (up 0.09%), Eicher Motors (up 2.54%) and Hero MotoCorp (up 3.41%), edged higher.
On the political front, the Election Commission (EC) on Saturday announced the dates for the Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram Assembly polls. While Chhattisgarh will go to the polls in two phases on November 12 and 20, the Madhya Pradesh and Mizoram Assembly elections will be held on November 28. Polling in Rajasthan and Telangana will be held on December 7. Counting of votes will be held across all the five states on December 11.
Asian markets slipped further on Monday. Japan's market is closed for a public holiday. China's markets tumbled following a week-long holiday and after its central bank cut banks' reserve requirements in a bid to support growth. Reserve requirement ratios (RRRs) - currently 15.5 percent for large commercial lenders and 13.5 percent for smaller banks - would be cut by 100 basis points effective October 15, the People's Bank of China (PBOC) said on Sunday.
US stocks closed sharply lower Friday as worries about rising interest rates overshadowed the September jobs report, which pointed to strength in the labor market and the broader economy.
On the US data front, the September jobs report showed 134,000 jobs added in the month. The report showed the unemployment rate dropping to 3.7%. In addition, average hourly wage paid to American workers rose 0.3% an hour, while the 12-month rate of hourly wage gains came in at 2.8%. The wage data were of particular interest because of what it can communicate about inflation in the US economy.
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