Key indices trimmed losses after hitting fresh intraday low in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was down 90.92 points or 0.26% at 34,383.46. The Nifty 50 index was down 37.15 points or 0.36% at 10,310.90.
Among secondary barometers, the BSE Mid-Cap index was down 0.70%. The BSE Small-Cap index was down 0.58%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 940 shares rose and 1271 shares fell. A total of 96 shares were unchanged.
Sugar shares were in demand. Dhampur Sugar Mills (up 13.97%), Dwarikesh Sugar Industries (up 12.64%), KCP Sugar & Industries Corporation (up 11.81%), Triveni Engineering & Industries (up 8.32%), Balrampur Chini Mills (up 8.05%), DCM Shriram Industries (up 6.94%), Sakthi Sugars (up 4.94%), Simbhaoli Sugars (up 4.92%), Shree Renuka Sugar (up 4.65%), EID Parry (India) (up 4.33%), Empee Sugars and Chemicals (up 4.27%), Rana Sugars (up 2.17%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher.
Auto shares were mixed. Eicher Motors (down 3.38%), TVS Motor Company (down 1.99%), Bajaj Auto (down 1.72%) and Maruti Suzuki India (down 0.71%), edged lower. Mahindra & Mahindra (up 0.07%), Hero MotoCorp (up 0.24%), Ashok Leyland (up 0.59%) and Escorts (up 1.37%), edged higher.
Tata Motors was down 13.73%. Jaguar Land Rover (JLR) reported total retail sales of 57,114 vehicles in September 2018, down 12.3% year on year despite strong sales for new models including the Range Rover Velar and the Jaguar I-PACE and E-PACE. The announcement was made after market hours yesterday, 8 October 2018.
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The International Monetary Fund (IMF) retained its India growth forecast for the current year and marginally pared it for next fiscal, citing the drag from higher crude prices and tightening of the global financial situation. But it will remain the fastest-growing major economy, well ahead of China, it said.
In its latest World Economic Outlook, the IMF said India will grow 7.3% in FY19 and 7.4% in FY20. It had in January forecast FY20 growth at 7.5%. China is forecast to grow 6.6% and 6.2% in 2018 and 2019, respectively. The Indian economy grew 6.7% in FY18.
Overseas, Asian shares were mixed on Tuesday as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets, a shift that pressured other emerging currencies to depreciate to stay competitive. South Korea's markets are closed for a public holiday.
IMF added to the malaise by cutting forecasts of global growth for both this year and next, including downgrades to the outlook for the United States, China and Europe.
In US, the Dow Jones Industrial Average bounced back from earlier losses to finish higher Monday, but the broader stock market closed lower as fears over rapidly rising rates continued to weigh on sentiment. The market was influenced by worries that US economic growth may be jeopardized by higher interest rates.
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