Fresh selling pulled the key benchmark indices to intraday low in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 367.13 points or 1.04% at 34,802.03. The Nifty 50 index was down 141.15 points or 1.33% at 10,458.10. Negative Asian stocks weighed on the sentiment.
Investors are closely awaiting the outcome of Reserve Bank of India (RBI)'s three-day Monetary Policy Committee (MPC) meeting today, 5 October 2018. The resolution of the MPC will be unveiled at 14:30 IST today, 5 October 2018.
Volatility ruled the roost in early trade as the key benchmark indices cut initial losses triggered by negative Asian stocks. The Sensex regained the psychological 35,000 level soon after sliding below that level in early trade.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 2760.63 crore yesterday, 4 October 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1823.59 crore yesterday, 4 October 2018, as per provisional data.
The S&P BSE Mid-Cap index was down 1.13%. The S&P BSE Small-Cap index was down 0.72%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 807 shares rose and 1245 shares fell. A total of 96 shares were unchanged.
Overseas, Asian stocks were trading lower after US equities fell to a three-week low amid the surge in bond yields. US stocks dropped yesterday, 4 October 2018 as the rout in Treasuries that took yields to multiyear highs fueled a repricing of risk assets.
In the latest economic data, jobless claims fell by 8,000 in the latest week and are hovering near multidecade lows. Separately, factory orders rose 2.3% in August, a tick above the 2.2% that had been expected.
Back home, ONGC (down 10.3%), Vedanta (down 3.15%), Reliance Industries (down 3.13%), Bajaj Auto (down 2.55%), Hindustan Unilever (down 2.35%), and ITC (down 2.3%) edged lower from the Sensex pack.
Sun Pharmaceutical Industries (up 1.86%), Infosys (up 1.44%) and IndusInd Bank (up 1.04%) edged higher from the Sensex pack.
Cadila Healthcare rose 0.21%. Cadila Healthcare said that the company's Biologics manufacturing facility (Zydus Biologics) located at the Zydus Biotech Park in Ahmedabad has received an Establishment Inspection Report (EIR) from the USFDA signifying the successful closure of the audit. The plant had completed the USFDA audit from 14th August to 24th August 2018 with Zero 483 observations. The announcement was made after market hours yesterday, 4 October 2018.
Dilip Buildcon rose 0.48% after the company has received Letter of Acceptance (LOA) for a new EPC project 'Navnera Barrage (Dam) under Phase I/(A)', valued at Rs 601.02 crore by the Water Resource Department, Kota, Rajasthan. The announcement was made after market hours yesterday, 4 October 2018.
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