Key barometers extended losses and hit fresh intraday low in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was down 225.66 points or 0.64% at 34,932.89. The Nifty 50 index was down 63.80 points or 0.60% at 10,521.40. The Sensex dropped below the psychological 35,000 level in afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.77%. The BSE Small-Cap index was down 0.72%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1044 shares rose and 1455 shares fell. A total of 165 shares were unchanged.
Auto stocks fell across the board. TVS Motor Company (down 2.93%), Hero MotoCorp (down 2.79%), Escorts (down 2.36%), Mahindra & Mahindra (down 1.79%), Eicher Motors (down 1.63%), Maruti Suzuki India (down 1.59%), Bajaj Auto (down 1.36%) and Ashok Leyland (down 0.59%), edged lower.
Tata Motors lost 2.92% after the company's subsidiary Jaguar Land Rover reported 4.6% decline in total retail sales to 44,282 vehicles in October 2018 over October 2017. The announcement was made after market hours on Friday, 9 November 2018.
Sales in China decreased by 49% as market conditions remain challenging amid tariff changes and continued trade tensions with the US, which are impacting consumer confidence and automotive purchases. Sales also declined in Europe (13.5%) due to ongoing diesel uncertainty and sales were 4% lower year on year in overseas markets.
Most realty shares declined. Anant Raj (down 5.53%), Peninsula Land (down 3.15%), Oberoi Realty (down 3.14%), Prestige Estates Projects (down 1.92%), Mahindra Lifespace Developers (down 1.69%), Sunteck Realty (down 1.43%), Godrej Properties (down 1.41%), Housing Development and Infrastructure (HDIL) (down 1.4%), DLF (down 1.32%), Phoenix Mills (down 1.29%), Sobha (down 1.21%), Omaxe (down 0.4%) and Parsvnath Developers (down 0.25%), edged lower. Indiabulls Real Estate (up 0.54%) and D B Realty (up 1.55%), edged higher.
Overseas, European and Asia equities were mixed as investors remain wary about global risks that include a trade fight between the US and China, growth outlook, as well as oil prices.
Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019.
US stocks finished Friday on a low note, halting a four-session rally, after a selloff in oil prices, a hotter-than-expected reading on producer prices, and uneasiness about the housing market resurrected fears of an uncertain path for the economy here and abroad.
Chairman Jerome Powell's Fed held benchmark rates at a range between 2% and 2.25% on Thursday, and said that the central bank "expects further gradual increases in the target range for the federal-funds rate."
On the US data front, the producer-price index for October rose 0.6%. Excluding volatile food and energy prices, producer prices increased by 0.5%. The University of Michigan's consumer-sentiment index fell slightly to 98.3 in November from 98.6 in October.
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