Stocks extended slide and hit fresh intraday low in morning trade on selling pressure in index pivotals. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 343.25 points or 1.01% at 33,690.71. The Nifty 50 index was down 102.85 points or 1.01% at 10,121.90. Negative Asian stocks impacted sentiment on the domestic bourses.
The Sensex was currently trading below the psychological 34,000 level after sliding below that level in opening trade. Trading for the day began on a weak note as the key benchmark indices saw a gap-down opening on negative Asian stocks.
The S&P BSE Mid-Cap index was down 1.16%. The S&P BSE Small-Cap index was down 1.27%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 527 shares rose and 1262 shares fell. A total of 81 shares were unchanged.
Trading could be volatile as traders roll over positions in the F&O segment from the near month October 2018 series to November 2018 series. The October 2018 F&O contracts expire today, 25 October 2018.
Overseas, Asian stocks declined as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs. US stocks dropped yesterday, 24 October 2018 as mixed corporate earnings and weak housing data fueled anxiety that rising prices will crimp economic growth.
China's recent stock market troubles and political drama in Europe surrounding Italy's budget row with the European Union as well as Britain's efforts to exit from the EU also have combined to hurt investor sentiment.
On the US data front, the flash reading of IHS Markit's manufacturing purchasing managers index rose to a five-month high of 55.9 in October from 55.6, while the flash services PMI rose to a two-month high of 54.7 from 53.5 in September. A reading of at least 50 indicates improving conditions.
Back home, Vedanta (down 2.57%), ICICI Bank (down 2.35%), Reliance Industries (down 2.18%), Sun Pharmaceutical Industries (down 2.11%) and Tata Motors (down 1.99%) edged lower from the Sensex pack.
Asian Paints (up 1.52%), TCS (up 0.66%) and M&M (up 0.44%) edged higher from the Sensex pack.
Bharti Airtel dropped 4.59% ahead of its September quarterly result today, on 25 October 2018.
Maruti Suzuki India fell 1.05% ahead of its September quarterly result today, on 25 October 2018.
Yes Bank declined 1.32% ahead of its September quarterly result today, on 25 October 2018.
Jet Airways (India) declined 1.77%. With reference to news item captioned, "Cash-strapped Jet Airways asks banks for loan rejig," Jet Airways clarified after trading hours yesterday, 24 October 2018, that it has not sought any moratorium on any loans or reduction of interest rates from its lenders.
L&T Finance Holdings lost 7.36%. On a consolidated basis, L&T Finance Holdings' net profit rose 62.23% to Rs 559.12 crore on 25.02% increase in net sales to Rs 3246.30 crore in Q2 September 2018 over Q2 September 2017. The result was announced after trading hours yesterday, 24 October 2018.
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