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Sensex, Nifty hit fresh intraday low; breadth weak

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Key equity barometers extended losses and hit fresh intraday lows in early afternoon trade amid negative global cues. At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 121.27 points or 0.31% at 39,094.37. The Nifty 50 index was down 37 points or 0.32% at 11,650.50.

The S&P BSE Mid-Cap index was down 0.80%. The S&P BSE Small-Cap index was down 0.74%. Both these indices underperformed the Sensex.

The market breadth was weak. On the BSE, 681 shares rose and 1463 shares fell. A total of 139 shares were unchanged.

Auto shares fell. Tata Motors (down 3.01%), Ashok Leyland (down 2.46%), Mahindra & Mahindra (down 2.25%), Maruti Suzuki India (down 2.07%), TVS Motor Company (down 1.18%), Escorts (down 0.85%), Bajaj Auto (down 0.54%) and Eicher Motors (down 0.04%) declined. Hero MotoCorp was up 0.88%.

Metal stocks tumbled. Vedanta (down 2.64%), Steel Authority of India (down 2.01%), JSW Steel (down 1.86%), Tata Steel (down 1.83%), National Aluminium Company (down 1.58%), Hindustan Zinc (down 1.5%), Jindal Steel & Power (down 1.46%), Hindalco Industries (down 1.11%) and Hindustan Copper (down 0.93%) declined.

NMDC was up 0.35%. The company said that High Court of Karnataka has permitted it to resume operations at Donimalai iron ore mine.

Reliance Industries was down 0.58%. The company announced during market hours today, 18 July 2019, that Reliance Brands, subsidiary of Reliance Industries, has completed acquisition of 100% stake of Hamleys Global Holdings through a special purpose vehicle company set up in United Kingdom for cash consideration of GBP 67.96 million.

Larsen & Toubro was down 0.83%. The company announced during market hours today, 18 July 2019, that L&T Hydrocarbon Engineering has been awarded another project in the Marjan Field by Saudi Aramco. The order falls in mega category with valuation more than Rs 7000 crore.

CARE Ratings was down 4.71%. The company after market hours yesterday, 17 July 2019, announced that Rajesh Mokashi, managing director & CEO of CARE is on leave, with immediate effect, until further notice pending completion of the examination of an anonymous complaint received by the Securities and Exchange Board of India (SEBI).

Cadila Healthcare was down 0.75%. The company during market hours today, 18 July 2019, announced that Zydus Cadila has completed enrollment in evidences II, evidences III and evidences V phase3 clinical trials of Saroglitazar Mg for treating non-alcoholic steatohepatitis (NASH).

Caplin Point Laboratories was up 2.55%. The company announced during market hours today, 18 July 2019, that Caplin Steriles, its wholly owned subsidiary, has been granted final approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Tranexamic Acid Injection USP, 1000mg/10ml (l00mg/mL) vial, a generic therapeutic equivalent version of Cyklokapron Injection, 100 mg/ml, of Pharmacia & Upjohn Company.

Overseas, shares in Europe and Asia fell across the board on Thursday, as investors digest fresh corporate results and keep an eye on global trade developments. Media reported Wednesday that trade negotiations between US and China are at an impasse over restrictions on Chinese tech giant Huawei.

Japan's exports fell 6.7% in June as compared to a year ago, according to data released on Thursday. The Bank of Korea announced that it was cutting the base rate by 25 basis points to 1.5%, following a cut to South Korea's growth target earlier this month, and an ongoing trade spat between Seoul and Tokyo that has seen Japan place import curbs on important materials used by South Korea's technology sector.

US stocks ended lower for a second straight session Wednesday as investors digested mixed earnings results and economic data, while a lack of progress on the Beijing-Washington tariff dispute remained a headache.

At the macroeconomic level, businesses were generally positive through early July about the economic outlook for the coming months despite widespread concerns about the possible negative impact of trade-related uncertainty, according to the Beige Book survey released by the Federal Reserve on Wednesday.

The survey found that the economy expanded at modest pace from mid-May through early July, little changed from the spring. The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting and the Beige Book didn't alter that outlook.

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

First Published: Thu, July 18 2019. 12:29 IST