Key indices extended slide and hit intraday low in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 368.48 points or 1.02% at 35,844.90. The Nifty 50 index was down 113.35 points or 1.04% at 10,766.75.
Domestic stocks dropped in early trade weighed by reports that Indian Air Force has struck and destroyed a major terrorist camp across the Line of Control early on Tuesday. The Mirage 2000 fighters used 1,000 kg bombs against the target and as many as 12 Mirage 2000 fighters were used, reports indicated. Negative Asian stocks also weighed on the sentiment.
The S&P BSE Mid-Cap index was down 1.41%. The S&P BSE Small-Cap index was down 1.71%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 336 shares rose and 1563 shares fell. A total of 90 shares were unchanged.
Yes Bank (down 2.81%), Vedanta (down 2.78%), NTPC (down 2.35%), Sun Pharmaceutical Industries (down 2.05%) and ICICI Bank (down 1.93%) edged lower from the Sensex pack.
TCS (up 1.56%), Tata Motors (up 1.14%) and Hindustan Unilever (up 0.6%) edged higher from the Sensex pack.
Britannia Industries rose 0.2%. HPCL declined 1.84%. Britannia Industries will replace Hindustan Petroleum Corporation (HPCL) to enter the Nifty 50 Index from 29 March 2019.
Overseas, Asian stocks are trading lower Tuesday as investors awaited more details on the outcome of U.S.- China trade talks. U.S. stocks came off earlier highs but still closed higher Monday after President Donald Trump said that he would delay additional China tariffs, and that there had been substantial progress in trade talks over the weekend.
Trump said late Sunday that he would extend a March 1 deadline for increasing tariffs on Chinese imports. He cited substantial progress across key topics such as intellectual property, technology transfers, agriculture and currency, and said if that continues, he will meet with President Xi Jinping at Mar-a-Lago to wrap up a deal.
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