Key equity indices pared losses in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 622.41 points or 1.79% at 34138.48. The Nifty 50 index was down 188.25 points or 1.80% at 10,271.85. Sentiment continued to be fragile amid dismal global cues.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.395, compared with its close of 74.21 during the previous trading session. Rupee hit a record low of 74.50 in early deals today.
Among secondary barometers, the BSE Mid-Cap index was down 1.09%. The BSE Small-Cap index was down 0.98%.
The market breadth, indicating the overall health of the market, was quite weak. On BSE, 709 shares rose and 1591 shares fell. A total of 118 shares were unchanged.
Cement shares declined. UltraTech Cement (down 2.97%), ACC (down 2.81%) and Ambuja Cements (down 2.72%), edged lower.
Grasim Industries down 3.73%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom shares slipped. Vodafone Idea (down 2.64%), Bharti Airtel (down 1.79%), Reliance Communications (down 1.64%) and Tata Teleservices (Maharashtra) (down 0.35%), edged lower. MTNL was up 0.91%.
Telecom tower infrastructure provider Bharti Infratel was down 1.54%.
Overseas, Asian shares slumped on Thursday after Wall Street suffered its worst drubbing in eight months. Investors are turning their attention to Chinese trade data due Friday for a read on whether the trade dispute is seeping through in the data. They'll also be keeping an eye on inflation data scheduled for Thursday in the US.
Trading in US index futures indicated that the Dow Jones Industrial Average could slump 135 points at the opening bell today, 11 October 2018.
US stocks slumped to close sharply lower Wednesday as the Dow Jones Industrial Average sank and the S&P 500 had its worst day since February as technology stocks went into a freefall. Investors spooked by rising bond yields dumped equities in all sectors, triggering a broad market rout. The surge in bond yields made stocks look less attractive compared to bonds while also threatening to curb economic activity and profits.
President Donald Trump reportedly knocked the US Federal Reserve for continuing to raise interest rates despite some recent market turbulence. Trump's comments on the central bank Wednesday came a day after he said he did not like what they were doing in terms of monetary policy.
In the latest US economic data, the producer-price index rose 0.2% in September, while the core PPI was up 0.4%. Separately, wholesale inventories in the US rose 1% in August.
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