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Market extends slide

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Key indices extended losses in mid-afternoon trade on fresh selling in index pivotals. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 253.26 points or 0.64% at 39,099.41. The Nifty 50 index was down 75.15 points or 0.64% at 11,753.10.

Local stocks nudged higher in early trade on buying demand in index pivotals with the Sensex and the Nifty, both, scaling record high. A bout of volatility was seen in morning trade as stocks regained strength soon after trimming gains. Stocks hovered in positive zone in mid-morning trade. Local stocks trimmed gains in early afternoon trade. Volatility ruled the roost as the key indices erased intraday gains to sink in negative zone in afternoon trade.

The S&P BSE Mid-Cap index was off 0.8%. The S&P BSE Small-Cap index was off 0.65%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 864 shares rose and 1612 shares fell. A total of 142 shares were unchanged.

IndusInd Bank (down 2.83%), M&M (down 2.48%), Yes Bank (down 2.3%), Maruti Suzuki India (down 2.22%) and ICICI Bank (down 2.16%) edged lower from the Sensex pack.

Index heavyweight Reliance Industries rose 0.85% to Rs 1,336.75

Tata Motors lost 7.71% after consolidated net profit dropped 47.42% to Rs 1117.48 crore on 4.28% fall in total income to Rs 87718.69 crore in Q4 March 2019 over Q4 March 2018. The announcement was made after market hours yesterday, 20 May 2019.

N Chandrasekaran, Chairman, Tata Motors said the company's domestic business delivered a resilient performance in the face of challenging market conditions. The company has continued to step up pace of innovation, improved market shares as well as profitability. In JLR, the company is continuing to face challenges in China which are addressing on priority.

Overseas, European shares were trading higher while most Asian shares rose after the United States temporarily eased restrictions on China's Huawei, easing trade tensions. The U.S. Commerce Department said it would allow Huawei Technologies to purchase American-made goods.

US stocks fell on Monday as the White House's restrictions on Chinese telecoms equipment maker Huawei Technologies Co weighed on the technology sector and raised concerns that the move would further inflame trade tensions between the United States and China.

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

First Published: Tue, May 21 2019. 14:36 IST
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