Key indices descended to a fresh intraday low in mid-afternoon trade. The Nifty was trading near 10,850 level. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 557.96 points or 1.49% at 36,774.61. The Nifty 50 index was down 163.35 points or 1.48% at 10,859.20.
The S&P BSE Mid-Cap index was down 1.13%. The S&P BSE Small-Cap index was down 1.03%.
The market breadth, indicating the overall health of the market, remained weak. On the BSE, 789 shares rose and 1498 shares fell. A total of 173 shares were unchanged.
IT majors Infosys (up 0.2%) and TCS (up 0.78%) hit record high on weak rupee. Infosys hit an intraday high of Rs 822.30 which is also a record high for the counter. While, TCS hit an intraday high of Rs 2296 which is a record high for the counter.
L&T Finance Holdings declined 1.27% to Rs 93.15 after ICRA reaffirmed company's credit ratings at AAA with a stable outlook. The ratings take into consideration the improvement in LTFH's business and risk profile by following rationalisation of product offerings and strengthened risk profile across businesses.
KNR Constructions gained 2.81% after the company received a work order of Rs 850 crore from Megha Engineering & Infrastructures, Hyderabad for for construction and completion of Earthen Bund works which are part of Kaleshwaram Project.
NBFC major Manappuram Finance was up 0.08%. The firm announced that the credit rating agency CRISIL has upgraded company's long term rating to 'CRISIL AA' with a stable outlook. CRISIL further clarified that Manappuram's capitalisation and asset quality will remain strong supported by its gold loan business. The strong earnings will also provide support as the company diversifies into other asset classes and scales up its non-gold business.
Meanwhile, the yield on 10-year benchmark federal paper fell to 6.513% at 14:12 IST compared with 6.556% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 72.255, compared with its close of 71.42 during the previous trading session.
In the commodities market, MCX Gold futures for 4 October 2019 settlement rose 0.43% at Rs 39,254.
Overseas, European shares were trading lower on Tuesday, with British opposition lawmakers bidding to seize control of the House of Commons and stop the UK leaving the European Union without a deal on October 31.
British Prime Minister Boris Johnson indicated he could call an election to stymie lawmakers' efforts to avert a no-deal Brexit. Sterling broke below $1.20 on Tuesday amid Britain's political uncertainty, sliding as low as $1.1978 to reach its lowest point against the greenback since the October 2016 flash crash.
Asian markets closed on a mixed note. The US-China trade tensions continue to rise after China lodged a complaint against the United States at the World Trade Organization over US import duties.
US stock exchanges were closed on Monday for Labor Day holiday. US stocks ended with a lackluster session on Friday as investors were cautious ahead of a holiday weekend in which a fresh round of US tariffs on Chinese imports were due to be levied. US President Donald Trump said the sides would still meet for talks later this month. Trump said his goal was to reduce US reliance on China and he again urged American companies to find alternate suppliers outside China.
The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China began imposing new duties on US crude, the latest escalation in a bruising trade war.
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