The market hit fresh intraday low in mid-afternoon trade as selling pressure intensified. At 13:22 IST, the barometer index, the S&P BSE Sensex, was down 309.39 points or 0.82% at 37,612.78. The Nifty 50 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.
The market breadth, indicating the overall health of the market, was weak. On BSE, 987 shares rose and 1590 shares fell. A total of 149 shares were unchanged.
Most pharmaceutical shares declined. GlaxoSmithKline Pharmaceuticals (down 2.38%), Divi's Laboratories (down 2.02%), Glenmark Pharmaceuticals (down 1.5%), Piramal Enterprises (down 1.2%), Cadila Healthcare (down 1.13%), Dr Reddy's Laboratories (down 0.97%), Wockhardt (down 0.56%) and IPCA Laboratories (down 0.03%), edged lower. Aurobindo Pharma (up 0.11%), Cipla (up 0.42%), Strides Shasun (up 0.65%), Lupin (up 0.74%) and Alkem Laboratories (up 2.30%), edged higher.
Drug maker Sun Pharmaceutical 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 Tarsius Pharma 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. MindTree (up 2.08%), Hexaware Technologies (up 2.02%), MphasiS (up 1.46%), Oracle Financial Services Software (up 1.45%), Persistent Systems (up 1.03%), Infosys (up 0.96%) and HCL Technologies (up 0.31%), edged higher. Wipro (down 0.14%), TCS (down 0.99%) and Tech Mahindra (down 1.8%), edged lower.
Overseas, markets in Europe and Asia were trading lower as the spectre of a Sino-US trade war haunted investors. US stocks closed mostly higher Monday, with the S&P 500 and the Nasdaq each snapping a four-day losing streak on the back of a recovery in technology shares.
Trade also remains another focal point for markets, with Canada 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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