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Sensex drops below 38,000

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Key indices extended fall in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 277.56 points or 0.73% at 37,999.07. The Nifty 50 index was down 88.25 points or 0.77% at 11,409.65. The Sensex dropped below 38,000 level. The sentiment was impacted by negative Asian stocks.

Key indices edged lower in early trade on negative Asian stocks.

The S&P BSE Mid-Cap index was down 0.64%. The S&P BSE Small-Cap index was down 0.71%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 532 shares rose and 1213 shares fell. A total of 95 shares were unchanged.

Reliance Industries (down 1.75%), Yes Bank (down 1.7%), ONGC (down 1.52%), Bajaj Auto (down 1.16%) and HDFC (down 0.97%) edged lower from the Sensex pack.

Power Grid Corporation of India (up 0.86%), Bharti Airtel (up 0.65%) and Coal India (up 0.12%) edged higher from the Sensex pack.

BSE fell 2.97% to Rs 618.25. On a consolidated basis, BSE's net profit fell 16.46% to Rs 51.86 crore on 5.51% decline in total income to Rs 190.82 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 7 May 2019.

BSE said it proposes to buyback 67,64,705 equity shares at Rs 680 each through tender offer route amounting to Rs 460 crore. The buyback offer size represents 24.73% of the aggregate of the total paid up capital and free reserves of the company based on the standalone audited financial statements of the company as at 31 March 2019.

Overseas, Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth.

U.S. stocks dropped sharply Tuesday, building on the previous day's decline after U.S. officials confirmed that tariffs on imported goods from China could be raised by the end of the week.

U.S. Trade Representative Robert Lighthizer reportedly said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday from 10% to 25%.

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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, May 08 2019. 10:29 IST