Key equity benchmarks extended losses and hit fresh intraday low the afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 345.80 points or 0.92% at 37,039.19. The Nifty 50 index declined 105.05 points or 0.95% at 10,970.85.
The S&P BSE Mid-Cap index was down 0.28%. The S&P BSE Small-Cap index rose 0.28%.
The market breadth was positive. On the BSE, shares 1,119 rose and 1,017 shares fell. A total of 150 shares were unchanged.
GAIL India (up 1.74%), Titan Company (up 1.46%), Indiabulls Housing Finance (up 0.49%), Sun Pharmaceutical Industries (up 0.46%) and Hindustan Unilever (up 0.43%) advanced.
BPCL (down 6.62%), IOCL (down 2.38%), UPL (down 2.27%), Asian Paints (down 2.13%) and State Bank of India (down 2.06%) declined.
Auto major Mahindra & Mahindra (M&M) was down 1.94% after the company announced 'no production days'. The company announced 8 to 17 days of no production in various plants of the company in the automotive sector while farm equipment sector will observe no production days for 1 to 3 days. No production days would be observed so as to align company's production with its sales requirement.
Larsen & Toubro (L&T) was trading 1.51% lower at Rs 1,342.80. The company said that its water and effluent treatment business secured a 'significant' order from the West Bengal Public Health Engineering Department for construction of an intermediate pumping station, secondary transmission mains, overhead tanks and water distribution network. The work order includes 2 years of operation and maintenance in the Nandigram-I and Nandigram-II blocks of East Medinipur, West Bengal.
Dr Reddy's Laboratories declined 0.28% after the pharmaceutical giant announced the launch of OTC (over the counter) Lansoprazole Delayed-Release Capsules USP, 15 mg. Lansoprazole capsules are approved by the United States Food and Drug Administration (USFDA) and are brand equivalent of Prevacid 24HR Capsules. The company's OTC Lansoprazole delayed-release capsules USP, 15 mg, are available in 14, 28 and 42 count sizes.
Overseas, European stocks were trading lower while Asian stocks were mixed as oil prices surged following drone attacks over the weekend that hit major oil production facilities in Saudi Arabia. Japanese market was shut for a public holiday.
A cut in the reserve requirement ratio for banks by the People's Bank of China (PBOC) went into effect on Monday. The PBOC said in early September that its reserve requirement ratio would be cut by 50 basis points and it would further reduce that ratio by 100 basis points for some qualified banks. That is set to release 800 billion yuan ($113 billion) in liquidity into the economy.
US stocks ended mixed on Friday as a drop in Apple stock countered cooling US-China trade tensions. Tariff-vulnerable industrials helped keep the blue-chip Dow in positive territory, which has now gained in eight straight sessions, its longest winning streak since May 2018.
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