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Nifty slips below 10,600 mark; breadth weak

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Key benchmark indices extended early losses and hit fresh intraday low in morning trade. At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 431.06 points or 1.22% at 35,039.09. The Nifty 50 index was down 124.35 points or 1.17% at 10,539.15. Weak cues from other Asian shares put pressure on bourses. The Nifty was trading below 10,600 mark.

Among secondary barometers, the BSE Mid-Cap index was down 1.62%. The BSE Small-Cap index was down 1.65%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 396 shares rose and 1541 shares fell. A total of 94 shares were unchanged.

Yes Bank (down 3.73%), Sun Pharmaceutical Industries (down 2.47%), IndusInd Bank (down 2.33%), Tata Motors (down 2.23%) and Wipro (down 2%), were the major Sensex losers.

Adani Ports & Special Economic Zone was up 1.04%.

Overseas, Asian shares fell across the board. US stock indices booked their worst trading session on the eve of Christmas in history in a holiday-shortened session, putting the S&P 500 on the brink of the 20% decline from a recent peak that is commonly considered a bear market.

A fresh source of anxiety was a tweet from Treasury Secretary Steven Mnuchin that he had spoken with the CEOs of the country's six biggest banks to assess the health of the banking system. That raised some questions about liquidity among those institutions, a concern that previously had not existed. Treasury officials reportedly insist that the calls to bank executives was just a routine checkup.

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

First Published: Wed, December 26 2018. 10:24 IST