Sensex, Nifty hit fresh intraday low

Key indices hit fresh intraday low in mid-afternoon trade on fresh selling in index pivotals. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 473.30 points or 1.24% at 37,691.31. The Nifty 50 index was down 137.90 points or 1.2% at 11,319. Weak global stocks weighed on the sentiment.

The Sensex was currently trading below the psychological 38,000 level after sliding below that level in early trade. Trading for the week began on a subdued note as domestic stocks dropped in early trade on negative Asian stocks. Stocks traded with weakness in morning trade. Weakness persisted on the bourses in afternoon trade.

Selling was broad based. The S&P BSE Mid-Cap index was down 1.2%. The S&P BSE Small-Cap index was down 1.29%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 649 shares rose and 1921 shares fell. A total of 163 shares were unchanged.

Infosys fell 1.04%. Infosys Foundation, the philanthropic and CSR arm of Infosys, has signed a Memorandum of Understanding (MoU) with the Bhandarkar Oriental Research Institute, Pune, for five years to strengthen research activities in Orientology, the study of Ancient cultures of the Asian subcontinent. The announcement was made during market hours today, 25 March 2019.

Infosys said it will invest $10 million in US-based artificial intelligence-focussed venture capital fund, The House Fund II. The transaction is expected to be completed before the first quarter of the financial year 2019-2020. Minority holding in the proposed transaction will not exceed 20% of the total fund size. The announcement was made after market hours on Friday, 22 March 2019.

NTPC rose 1.45%. NTPC sad that Unit-3 of 250 MW of Bongaigaon Thermal Power Project (3 X 250 MW) will be declared on commercial operation with effect from 26 March 2019. With this, the commercial capacity of Bongaigaon Thermal Power Project, NTPC and NTPC group would become 750 MW, 45065 MW and 52206 MW respectively. The announcement was made during market hours today, 25 March 2019.

Overseas, European and Asian markets plummeted Monday, amid rising worries of an impending recession in the U.S. US stocks closed sharply lower Friday, after a downbeat round of economic data in Europe and the US stoked global growth fears while a closely watched measure of the yield curve inverted for the first time since 2007, triggering recession worries.

Meanwhile, at a pivotal European Council summit where meetings overran dramatically, the European Union offered the U.K. a two-pronged plan to extend Brexit beyond the March 29 deadline. The U.K. will be offered a delay until May 22, if MPs approve the deal Prime Minister Theresa May had negotiated. If not, the EU will support a shorter delay, to April 12 to formulate a new plan.

The flash PMI figure for the eurozone in March showed that the preliminary Markit PMI Composite figure, seasonally adjusted, was 51.3, below the February figure of 51.9.

According to the flash reading of IHS Markit's purchasing manager's index, the manufacturing index fell to 52.5 in March from 53 in February. US wholesale inventories rose 1.2% in January after a revised estimate of a 1.1% increase in December, the Commerce Department said.

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