Key equity benchmarks ended losses and hit fresh intraday low in afternoon trade. At 13:35 IST, the barometer index, the S&P BSE Sensex fell 187.64 points or 0.49% at 38,479.65. The Nifty 50 index declined 49.80 points or 0.43% at 11,424.65.
The S&P BSE Mid-Cap index was down 0.63%. The S&P BSE Small-Cap index fell 0.81%.
The market breadth was weak. On the BSE, shares 687 rose and 1,586 shares fell. A total of 139 shares were unchanged.
BPCL (up 1.78%), HDFC Bank (up 1.56%), IOCL (up 1.54%), HDFC (up 0.98%) and Titan Company (up 0.81%) advanced.
Grasim Industries (down 5.15%), Bharti Airtel (down 4.41%), ZEEL (down 3.45%) and Cipla (down 3.41%) declined.
Yes Bank slumped 18.09% to Rs 33.95.
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Bajaj Auto slipped 0.78% to Rs 2,919.10 after the company announced auto sales for the month of September 2019. Bajaj Auto reported a 20% decline in auto sales to 4.02 lakh units in September 2019 from 5.02 lakh units September 2018. In the domestic market, the auto maker sold 2.15 lakh units in September 2019 against 3.11 lakh units in September 2018, witnessing a fall of 31% in auto sales. The company exported 1.86 lakh units in September 2019 against 1.90 lakh units in September 2018, registering a contraction of 2%.
Maruti Suzuki India gained 0.93% to Rs 6,780 after total auto sales fell 24.4% to 122,640 units in September 2019 over September 2018. Total domestic sales fell 26.7% to 112,500 units in September 2019 as against 153,550 units in September 2018. Total exports fell 17.8% to 7,188 units in September 2019 as against 8740 units in September 2018.
Tata Motors fell 1.58% after the auto giant confirmed that Jaguar Land Rover will suspend production at all U.K. based manufacturing plants for a week starting from Monday, 4 November 2019.
State Bank of India (SBI) was down by 3.67%. Media reports suggested that SBI will sell electoral bonds from 1 October 2019 to 10 October 2019. The 12th phase of electoral bond sale will take place through 29 of its authorized branches, as per the Ministry of Finance.
IndusInd Bank tanked 5.92% after it revealed the gross exposure it had to Indiabulls Housing Finance, its subsidiaries and associate finance companies at about 0.35% of the loans availed.
Eicher Motors rose 0.91% after it announced its monthly September 2019 figures. The total annual domestic production plunged 44.8% at 3,140 units in September 2019 over September 2018. The total annual exports tanked 41% to 533 units in September 2019 as against September 2018. The total annual number of Volvo trucks jumped 48% to 111 units in September 2019 compared with September 2018. The total annual VECV (total annual domestic production+ total annual exports+ total annual number of Volvo trucks) tumbled 43.2% to 3,784 units in September 2019 over September 2018.
Mahindra & Mahindra advanced 1.61% to Rs 556.05 after the company announced auto sales for September 2019. M&M announced its total auto sales fell 21% to 43,343 units in September 2019 as against 55,022 units in September 2018. The company added that its total domestic sales declined by 21% to 40,692 units while its total exports fell by 29% to 2,651 units in September 2019 over September 2018. The announcement was made during market hours today, 1 October 2019. The company's total auto sales rose by 20.11% to 43,343 units in September 2019 as against 36,085 units in August 2019. M&M's Farm Equipment Sector (FES) said that the total tractor sales contracted by 2% to 37,011 units in September 2019 as against 37,581 units in September 2018. The domestic tractor sales stood at 36,046 units while tractor exports dropped 41% to 965 units in September 2019 over September 2018.
Ultratech Cement declined 2.72% after a global research firm repoterdly retained its 'overweight' rating on the stock at a target price of Rs 4,760 per share.
Overseas, European stocks were trading higher while Asian stocks rose on Tuesday on hopes that China and the United States could work towards reaching a deal on trade. Chinese markets will be shut for a week from Tuesday to mark 70 years since the founding of the People's Republic of China.
Meanwhile, in Europe, a flash reading of Euro Zone annualized inflation figures for the month of September 2019 will be announced today, 1 October 2019.
US stocks rose on Monday, helped by gains in Apple, Microsoft and Merck & Co, as investors set aside worries about the US-China trade war.
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