Key benchmark indices were trading steeply lower in early trade, tracking weak Asian cues. At 9:17 IST, the barometer index, the S&P BSE Sensex, was down 369.50 points or 1.03% at 35,606.13. The Nifty 50 index was down 126.95 points or 1.17% at 10,731.30.
Among secondary barometers,the BSE Mid-Cap index was down 1.05%. The BSE Small-Cap index was down 1.34%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 321 shares rose and 1045 shares fell. A total of 48 shares were unchanged.
Overseas, Asia markets were trading lower on Thursday following a muted performance on Wall Street overnight. China's markets are closed for the Golden Week holidays.
In US, the Dow Jones Industrial Average on Wednesday finished at a record for the 15th time this year as investors were cheered by healthy economic data. But the market pared earlier gains, with major indexes closing off intraday highs as bond yields jumped, which could dampen appetite for stocks.
Private-sector employment soared in September, as employers added 230,000 jobs, according to Automatic Data Processing Inc. Separately, the final reading on the services sector from IHS Markit fell to 53.5 in September from 54.8, while the Institute for Supply Management's reading on the non-manufacturing sector came in at 61.6.
Wall Street got an early lift after a report in Italian daily newspaper Corriere della Sera that the government may yield ground in a budget standoff with the EU, which could lessen the odds of a clash between the country and the bloc.
According to the report, Italy's budget deficit target will be set at 2.4% of GDP in 2019, but decline to 2.2% in 2020 and 2.0% in 2021. Italian officials had previously clashed with Brussels over the budget deficit target, which exceeded EU rules and stoked fears of another crisis in the region. A resolution in Italy would mean one less potential risk to watch out for.
Back home, NLC India was up 5.25%. The company said that a meeting of the board of directors of the company is scheduled to be held on 9 October 2018, to consider the matters relating to buy back of fully paid up equity shares of the company. The announcement was made after market hours yesterday, 3 October 2018.
Amara Raja Batteries was down 0.30%. The company and Johnson Controls, Inc. have signed a technology collaboration agreement to bring a new wave of battery technologies to India. Expanding on their 20 year partnership, the two companies will share and improve product design and manufacturing technologies enabling higher performance across Starting, Lighting and Ignition (SLI), Enhanced Flooded Batteries (EFB) and Absorbent Glass Mat (AGM) batteries. The announcement was made after market hours yesterday, 3 October 2018.
TVS Motor Company was down 1.92%. The company has further invested a sum of Rs 30 crore in the equity capital of TVS Credit Services, a subsidiary company (TVSCS). Consequent to the investment, the Company's direct holding in TVSCS increased to 7.09%. The announcement was made after market hours yesterday, 3 October 2018.
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