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Market hits fresh intraday low

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The market hit fresh intraday low in mid-afternoon trade as selling pressure intensified. At 13:22 IST, the barometer index, the S&P Sensex, was down 309.39 points or 0.82% at 37,612.78. The index was down 94.70 points or 0.83% at 11,343.40. Investors sentiment was fragile due to negative Asian cues amid lingering global trade war concerns.

Among secondary barometers, the Mid-Cap index was down 0.81%. The Small-Cap index was down 0.77%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall of the market, was weak. On BSE, 987 shares rose and 1590 shares fell. A total of 149 shares were unchanged.

Most declined. (down 2.38%), (down 2.02%), (down 1.5%), (down 1.2%), (down 1.13%), (down 0.97%), (down 0.56%) and (down 0.03%), edged lower. (up 0.11%), (up 0.42%), (up 0.65%), Lupin (up 0.74%) and (up 2.30%), edged higher.

Industries was down 0.27%. The company said that one of its wholly-owned subsidiaries has agreed to acquire 18.75% stake in Israel-based for $3 million. The company is an early-stage research and development company focusing on development of drug candidates in the field of ophthalmology. The announcement was made after trading hours yesterday, 10 September 2018.

Most IT shares rose. (up 2.08%), (up 2.02%), (up 1.46%), (up 1.45%), (up 1.03%), (up 0.96%) and (up 0.31%), edged higher. (down 0.14%), TCS (down 0.99%) and (down 1.8%), edged lower.

Overseas, markets in and were trading lower as the spectre of a Sino-US trade war haunted investors. US stocks closed mostly higher Monday, with the and the Nasdaq each snapping a four-day losing streak on the back of a recovery in

The reportedly announced that it was in the process of coordinating a second meeting between US and North Korean leader

Trade also remains another focal point for markets, with and the US yet to secure a deal that would replace the North American Free Trade Agreement. Trump announced last Friday that he was ready to slap tariffs on an additional $267 billion of Chinese imports, on top of the $200 billion already in the administration's sights.

On the data front, consumer borrowing picked up in July, according to the Federal Reserve on Monday. Total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trillion. That's an annual growth rate of 5.1%.

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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, September 11 2018. 14:18 IST
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