Stocks extended recovery in afternoon trade after an intraday sell-off in initial trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 503.48 points or 1.45% at 34,257.41. The Nifty 50 index was down 139.60 points or 1.33% at 10,320.50. Sentiment continued to be fragile amid dismal global cues.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.16, compared with its close of 74.21 during the previous trading session. Rupee hit a record low of 74.50 in early deals today.
The market breadth, indicating the overall health of the market, was weak. On BSE, 834 shares rose and 1,543 shares fell. A total of 114 shares were unchanged.
TCS lost 2.53% ahead of its Q2 September 2018 result today, 11 October 2018.
Overseas, European stocks were sharply lower in early trade, as a sell-off in US equities dragged down global markets. In Europe, Brexit is largely in focus after the European Union's chief Brexit negotiator, Michel Barnier, struck an optimistic tone on a deal for the U.K.'s eventual withdrawal from the bloc, saying an agreement was achievable as soon as next week.
Asian shares slumped on Thursday after Wall Street suffered its worst drubbing in eight months. Investors are turning their attention to Chinese trade data due Friday for a read on whether the trade dispute is seeping through in the data. They'll also be keeping an eye on inflation data scheduled for Thursday in the US.
US stocks slumped to close sharply lower Wednesday as the Dow Jones Industrial Average sank and the S&P 500 had its worst day since February as technology stocks went into a freefall. Investors spooked by rising bond yields dumped equities in all sectors, triggering a broad market rout. The surge in bond yields made stocks look less attractive compared to bonds while also threatening to curb economic activity and profits.
President Donald Trump reportedly knocked the US Federal Reserve for continuing to raise interest rates despite some recent market turbulence. Trump's comments on the central bank Wednesday came a day after he said he did not like what they were doing in terms of monetary policy.
In the latest US economic data, the producer-price index rose 0.2% in September, while the core PPI was up 0.4%. Separately, wholesale inventories in the US rose 1% in August.
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