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Market extends losses

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Key indices extended losses and hit fresh intraday low in mid-afternoon trade. At 14:28 IST, the barometer index, the Sensex, was down 380.25 points or 1.11% at 33,996.74. The 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.

Broader market slumped. Among secondary barometers, the Mid-Cap was down 3.07%. The Small-Cap was down 2.89%. Both these indices underperformed the Sensex.

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%), (down 2.91%), (down 1.94%), (down 1.2%), (down 1.01%) and (down 0.86%), edged lower. (up 0.09%), (up 2.54%) and (up 3.41%), edged higher.

declined. (down 1.51%), (down 1.28%) and ACC (down 1%), edged lower.

was down 1.27%. Grasim has exposure to cement sector through its holding in

On the political front, the (EC) on Saturday announced the dates for the Rajasthan, Madhya Pradesh, Chhattisgarh, polls. While will go to the polls in two phases on November 12 and 20, the Madhya elections will be held on November 28. Polling in and Telangana will be held on December 7. Counting of votes will be held across all the five states on December 11.

Overseas, European markets were trading lower on Monday, following broad declines in after China's central cut reserve requirements for banks.

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 cut banks' reserve requirements in a bid to support growth. Reserve requirement ratios (RRRs) - currently 15.5 percent for and 13.5 percent for smaller banks - would be cut by 100 basis points effective October 15, of (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

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 in the US

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 08 2018. 14:28 IST
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