The market trimmed losses in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 343.15 points or 0.97% at 35,127. The Nifty 50 index was down 92.85 points or 0.87% at 10,570.65. Weak cues from other Asian shares put pressure on bourses. The Nifty was trading below 10,600 mark.
Indices opened lower and extended losses in morning trade. Indices trimmed losses in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 1.22%. The BSE Small-Cap index was down 1.21%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 530 shares rose and 1584 shares fell. A total of 119 shares were unchanged.
Among index pivotals, Reliance Industries (down 1.83%), TCS (down 1.78%), Infosys (down 1.42%) and ICICI Bank (down 0.92%), declined.
Metal shares declined. Jindal Steel & Power (down 2.07%), Hindustan Copper (down 1.8%), Steel Authority of India (down 1.54%), Tata Steel (down 1.48%), NMDC (down 1.11%), JSW Steel (down 1.01%), Vedanta (down 0.89%), Hindalco Industries (down 0.83%) and Hindustan Zinc (down 0.54%), edged lower. National Aluminium Company was up 0.49%.
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FMCG shares witnessed selling pressure. Tata Global Beverages (down 2.03%), GlaxoSmithKline Consumer Healthcare (down 1.61%), Britannia Industries (down 1.41%), Hindustan Unilever (down 1.28%), Marico (down 0.99%), Godrej Consumer Products (down 0.96%), Bajaj Corp (down 0.81%), Procter & Gamble Hygiene & Health Care (down 0.77%), Colgate Palmolive (India) (down 0.7%), Nestle India (down 0.61%) and Jyothy Laboratories (down 0.18%), edged lower. Dabur India was up 0.7%.
Autoline Industries rose 2.1% after the company entered into Memorandum of Understanding with Poddar Habitat to transfer the land and buildings situated at Pune. The announcement was made after market hours on 24 December 2018.
Autoline Industries said that currently the company is operating through its 8 manufacturing facilities spread across India along with in-house Design & Style Centre. In continuation of initiatives to achieve the operational efficiency, cost reduction and to reduce the debt, the company has taken one more major step by way of consolidating one of its manufacturing facility situated at Sr. Nos. 613, Mhalunge, Tal. Khed, Dist. Pune to its Chakan Units situated at Pune. Autoline Industries has entered into Memorandum of Understanding (MOU) on 24 December 2018, with Poddar Habitat to transfer the said land and buildings thereon (immovable property). The company will utilize the sale proceeds to settle the debt that has a charge on the immovable property and reduce overall debt exposure of the company. The company believes that the consolidation of facilities will accrue substantial operational efficiency, cost savings, add to better working capital management and smoothening of supply chain management by utilizing the available resources in Chakan Unit.
Overseas, Asian shares fell across the board. US stock indices booked their worst trading session on the eve of Christmas in history in a holiday-shortened session, putting the S&P 500 on the brink of the 20% decline from a recent peak that is commonly considered a bear market.
A fresh source of anxiety was a tweet from Treasury Secretary Steven Mnuchin that he had spoken with the CEOs of the country's six biggest banks to assess the health of the banking system. That raised some questions about liquidity among those institutions, a concern that previously had not existed. Treasury officials reportedly insist that the calls to bank executives was just a routine checkup.
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