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Selling pressure continues unabated; Tata Motors slumps

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The market further extended losses and hit fresh intraday low in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 188.7 points or 0.51% at 37,139.31. The Nifty 50 index was down 79.65 points or 0.72% at 10,937.05.

The broader market witnessed steep selling. The S&P BSE Mid-Cap index was down 1.09%. The S&P BSE Small-Cap index was down 1.26%. Both these indices underperformed the Sensex.

The market breadth was weak. On the BSE, 642 shares rose and 1699 shares fell. A total of 151 shares were unchanged.

Auto major Tata Motors slumped 9.65% to Rs 111.85. The stock hit an intraday low of Rs 109.55, which is also 52-week low for the counter. The stock tumbled 21% in last one month compared to 1.85% fall in BSE Sensex

Auto major Maruti Suzuki India fell 0.32% to Rs 6179.15. The company announced the launch of Maruti Suzuki Nexa XL6. The new Nexa XL6 is a 6-seater, multi purpose vehicle (MPV) which is also a BS VI compliant. The K15 engine of Nexa XL6 has a peak power of 77KW@6000rpm and maximum torque of 138Nm@4400rpm. The XL6 will be available in a 5-speed manual and 4-speed automatic transmission option at a starting price of Rs 9.79 lakh.

Shares of most public sector oil marketing companies (PSU OMCs) declined as Brent crude oil price gained. Indian Oil Corporation (down 2.01%), BPCL (down 1.75%) and HPCL (down 0.93%) edged lower.

In the commodities market, Brent crude for October 2019 settlement was up 36 cents at $60.39 a barrel. The contract rose 29 cents or 0.48% to settle at $60.03 a barrel in the previous trading session.

Pharma major Cadila Healthcare fell 1.18%. The firm reported that Zydus Cadila has received the final approval from the USFDA to market Ranolazine extended release tablets of 500 mg and 1000 mg. The drug is used to treat chronic angina along with other medicines that are used for heart problems and blood pressure control. The company further reported that the drug will be manufactured at company's formulations manufacturing facility at Baddi, Himachal Pradesh.

MCX Gold futures for 4 October 2019 settlement declined 0.37% at Rs 37,863.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.4150, compared with its close of 71.7100 during the previous trading session.

The yield on 10-year benchmark federal paper fell to 6.538% at 14:19 IST compared with 6.538% at close in the previous trading session.

Overseas, European stocks traded higher as investors await minutes from a meeting of the U.S. Federal Reserve. Italy's Prime Minister Giuseppe Conte resigned, kickstarting consultations between President Sergio Mattarella and party leaders in the hope of a solution to the political crisis.

Asian shares were mixed on Wednesday as fresh worries about a global recession led investors to dump risky assets, with US President Donald Trump showing no signs of backing down in his trade war with China.

Financial shares led US stocks lower on Tuesday to end a three-day rally as investors awaited comments from Federal Reserve Chair Jerome Powell at the end of the week.

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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, August 21 2019. 14:29 IST